Sales boost Puregold’s Q1 income

Filipino consumers’ sustained demand for affordable groceries and essentials helped push up Puregold Price Club, Inc.’s (Puregold) first-quarter net income by 6.5 percent to P2.64 billion, from P2.48 billion in the same period last year. 

In a stock exchange report on Tuesday, the publicly listed grocery chain controlled by businessman Lucio Co said it particularly benefited from strong topline growth and stable gross margins.

Puregold posted a 10.8 percent rise in consolidated revenues to P52.42 billion, up from P47.32 billion a year ago. 

The company said it experienced positive same-store sales growth of 5.9 percent for Puregold Stores, attributed to higher basket size, and 4 percent for S&R Warehouse Clubs, driven by higher traffic.

As of the end of the first quarter, Puregold operated a total of 757 stores nationwide, consisting of 662 Puregold stores, 30 S&R Membership Shopping Warehouses, and 65 S&R New York-style quick service restaurants.