Puregold Price Club Inc. said Friday first-quarter net income rose 12 percent year-on-year to P2.4 billion as sales continued to rise on the back of the listed retail group’s multi-year expansion program.
Consolidated net sales in the first quarter was up 15 percent year-on-year to P44.4 billion, helped by steady growth in consumer spending despite rising inflationary pressure. Profit margin growth, however, was tempered by higher operating expenses due to the company’s expansion, promotions, and joint business plans with suppliers.
Puregold said that in the first quarter, groupwide same stores sales was up 11 percent from the same period last year. Puregold Stores’ same store sales grew by 8.8 percent while those of S&R Warehouse Clubs saw a growth of almost 17 percent. Puregold Stores contributed P30 billion while S&R Warehouses added added P14.4 billion, up 12 percent and 23 percent, respectively, versus the same period last year.
Five new Puregold stores, one S&R Membership Shopping Warehouse and one S&R New York Style quick-service restaurants were opened in the first quarter, pushing the group’s store network to a total 531. The store network comprise of 456 Puregold stores, 23 S&R Membership Shopping Warehouses, and 52 S&R New York Style QSRs.
