Puregold Price Club Inc., the grocery chain operator led by businessman Lucio Co, on Tuesday reported net income in 2022 growing 13 percent to P9.3 billion from previous year’s P8.18 billion, mainly on higher sales from its growing chain.
Its consolidated net sales last year was higher by 12 percent to P184.3 billion from only P167.33 billion, driven by a 6.6 percent full-year, same-store sales growth.
“(The business) has sustained a growth path throughout the pandemic by being a reliable partner to its suppliers and leveraging its reach and scale to bring value to its community of carded members,” it said.
Its sari-sari store customer base also gained strength as one of the preferred retail channels that saw robust demand amidst record fuel prices, commodity shortages and higher transportation costs
In the second half of the year, despite surveys showing declining consumer expectations, early holiday spending and greater normalization of in-person activities unhindered by health protocols provided the impetus.
In the fourth quarter alone, Puregold reported revenues grow 16 percent year-on-year on the back of an 11.7 percent consolidated same-store sales growth.
It also reported an increase in operating expenses attributable to higher employee costs, utilities expense and lease-related charges partially offset by the execution of productivity initiatives.
The group opened 24 new Puregold stores and six S&R quick service restaurants.
As of end-2022, Puregold operates a total of 525 stores nationwide. These include 452 Puregold stores, 22 S&R membership shopping warehouses and 51 S&R New York Style QSRs.
