Puregold Price Club Inc. (Puregold), the publicly listed grocery chain controlled by businessman Lucio Co., reported a 21.3 percent year-on-year increase in consolidated net income for 2024, reaching P10.4 billion, up from P8.6 billion in 2023.

The company said in a Thursday stock exchange disclosure that the strong performance was driven by a 10.1 percent increase in consolidated revenues, which totaled P219.17 billion, compared to P199 billion in the previous year.

The growth was attributed to a 4.5 percent same-store sales growth from Puregold stores and a 6.4 percent increase in S&R Warehouse clubs, driven by higher traffic and larger basket sizes.

Record-breaking earnings

“We have delivered record-breaking earnings, demonstrating resilience and strong performance even in the face of challenging market conditions,” Puregold President Ferdinand Vincent Co said.

“As we look to 2025, we are implementing an aggressive store expansion strategy, prioritizing key provincial markets. This strategic initiative is designed to drive continued growth, expand our market footprint, and enhance customer shopping satisfaction, convenience, and accessibility, ultimately positioning us for long-term value creation.”

Puregold’s board approved a 30 percent regular dividend of P1.09 per share, totaling P3.13 billion for shareholders as of 30 April.

Special dividend

A 20 percent special dividend of P0.72 per share or about P2.08 billion in total was also approved for shareholders as of 2 September.

By the end of 2024, Puregold opened 26 new Puregold stores, four S&R Membership Shopping Warehouses, and eight S&R New York Style QSRs.

It brought its total store count to 602, including 511 Puregold stores, 29 S&R Membership Shopping Warehouses, and 62 S&R New York Style QSRs.