Puregold income reaches P2.5 billion in Q1 on higher sales

LISTED retailer Puregold Price Club, Inc. posted a consolidated net income of P2.5 billion for the first quarter (Q1), a 4.1% increase from P2.4 billion a year ago, driven by higher sales for the period.

The company’s consolidated revenue for the first quarter increased to P47.3 billion, a 6.5% rise from the P44.4 billion in the corresponding period a year ago, the company told the stock exchange.

For the January to March period, the company recorded net sales of P47.32 billion, marking a 6.7% increase from last year’s P44.35 billion.

Puregold said its operating expenses increased by 10.9% to P6.33 billion from P5.71 billion in the same period last year.

The listed grocery retailer said it logged positive 1.5% same-store sales growth for the first quarter from Puregold stores and negative 1.2% from S&R Warehouse clubs.

Same-store sales measure revenue growth from store locations that have been in operation for at least a year.

“Same-Store Sales Growth trends continued to normalize starting in the second quarter of 2023 as consumer revenge spending has plateaued. The company continues to see a buoyant trajectory in top line growth for the year 2024,” Puregold said.

As of last year, Puregold has opened 37 new Puregold stores, four S&R membership shopping warehouses, and three S&R New York Style quick service restaurants.

To date, the company has a total of 568 stores nationwide; of which 488 are Puregold stores, 26 are S&R membership shopping warehouses, and 54 are S&R New York Style quick service restaurants.

At the local bourse on Wednesday, shares in the company closed 25 centavos or 1.04% higher at P24.20 apiece. — Ashley Erika O. Jose