Puregold H1 net income up 7 percent

Puregold Price Club, Inc. (Puregold), the publicly listed grocery chain controlled by businessman Lucio Co., posted a 7.1 percent increase in consolidated net income to P5.3 billion in the first half of the year, up from P4.95 billion in the same period last year. 

In a stock exchange report on Wednesday, the company said the growth was driven by strong topline growth and stable gross margins.

Consolidated revenues rose 11.6 percent to P109.9 billion from P98.5 billion a year ago, boosted by higher basket sizes in Puregold stores and increased traffic in S&R Warehouse clubs. Same-store sales grew 6.4 percent for Puregold and 4.7 percent for S&R.

Other operating income climbed 21 percent to P1.86 billion, while operating expenses rose 16.4 percent to P14.99 billion.

As of the end of June, the company operated 764 stores nationwide, including 666 Puregold stores, 31 S&R Membership Shopping Warehouses, and 67 S&R New York Style quick service restaurants.