Puregold income grows 17% to P4B despite sales decline

BW FILE PHOTO

PUREGOLD Price Club, Inc. posted a 17.3% profit growth in the first half of the year, generating a consolidated net income of P3.99 billion from last year’s P3.4 billion.

In a statement on Monday, the company said its net sales declined by 7.1% to P76.18 billion. Majority or 72% of sales were derived from its Puregold store network.

The company has so far opened 15 new organic stores out of the 30 to 40 Puregold store launches planned for the year.

Meanwhile, the company’s S&R Membership warehouse clubs and S&R New York Style Pizza stores accounted for 28% of its revenues.

Puregold said S&R is eyeing to open two more warehouse clubs in the second half of the year.

The company also has several digitalization efforts to keep in touch with its customers.

“Puregold’s innovative digitalization approach through our Puregold Mobile app, Puregold Channel, and our e-commerce website will enable us to connect seamlessly with our consumers during this COVID-19 (coronavirus disease 2019) pandemic and at the same time strengthens our customer loyalty,” Ferdinand Vincent P. Co, president of Puregold, said.

The listed company currently has 484 stores across the country, divided into 418 Puregold branches, 20 S&R membership shopping warehouses, and 46 S&R New York Style quick service restaurants.

Puregold stocks at the local bourse declined by 1.73% or 70 centavos on Monday, closing at P39.70 each. — Keren Concepcion G. Valmonte

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