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Puregold profits increase 16.8% amid pandemic

By James A. Loyola

One of the few businesses to benefit from the pandemic, Puregold Price Club, Inc. (PGOLD) reported a 16.8 percent growth in consolidated net income to ₱1.76 billion in the first quarter of 2020 from the ₱1.51 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, Puregold said its stores registered stronger than expected same store sales growth (SSSG) of 14.4 percent in the first quarter of 2020 while S&R registered a SSSG of 5.1 percent during the same period.

“Our SSSG in this period is driven by higher consumer spending and pantry loading prior to the COVID Quarantine as well as the low inflation environment in 2020,” it noted.

Puregold consolidated net sales increased by 17.4 percent to ₱40.95 billion in the first quarter of 2020.

About 77 percent of the revenues is attributed to the Puregold Stores network and 23 percent came from S&R Membership warehouse clubs and S&R New York Style Pizza stores.

Income from operations grew 15.4 percent to ₱2.97 billion in the first quarter of 2020 from the ₱2.57 billion during the same period last year.

As of end March 2020, the Puregold group has a to¬tal of 443 stores nationwide.

These include 384 Puregold stores, 20 S&R membership shopping warehouse, and 39 S&R New York Style QSR with a total net selling area of around 580,000 square meters.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/30/puregold-profits-increase-16-8-amid-pandemic/)

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