Puregold Price Club Inc., the retail business of tycoon Lucio Co, said Tuesday first-half net income rose by 4.8 percent year-on-year to P4.4 billion, with higher operating expenses and compressed margins tempering double-digit revenue growth.
Group revenue rose 11 percent to P91.2 billion in the first half of 2023 from P82.2 billion in the same period last year. Same store sales was up 7 percent versus the same period last year as traffic was higher by 6.7 percent and baskets were flattish at 0.2 percent year-on-year.
Puregold said it increased its business activities and is gearing up to increase its store count.
Same store sales growth of 5.9 percent from Puregold Stores and 9.5 percent from S&R Warehouse clubs for the same period. Same store sales trended towards more normalization starting in the second quarter as a contrast to the more flattering base effects felt in the first quarter of this year.
The company continues to see a buoyant trajectory in topline growth for the balance of the year. Puregold opened 16 new Puregold stores, 1 S&R Membership Shopping Warehouse and 1 S&R New York Style QSR in the first half. The group had a total of 543 stores nationwide. These include 467 Puregold stores, 23 S&R Membership Shopping Warehouses, and 52 S&R New York Style QSRs.
