Puregold income rises 13% to P6.5B on increased shop traffic

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LISTED retail firm Puregold Price Club, Inc. recorded a 13% increase in consolidated net income to P6.5 billion for the three quarters to September as customer traffic boosted business activities.

In its disclosure to the stock exchange on Wednesday, the company said its third-quarter net income jumped 30% versus last year. It did not give comparative quarterly figures.

Puregold said its performance “[highlighted] a dramatic recovery catalyzed by the easing of mobility restrictions and the return of business and consumer confidence after years of grappling with COVID-19 (coronavirus disease 2019).”

For the nine-month period, revenues rose by 11% to P127.6 billion as total traffic in the company’s stores grew by 12% driven by increased mobility and the recovery of consumer confidence.

The company also posted positive same-store sales growth (SSSG) across its businesses. Puregold had a 2.4% SSSG, while S&R Warehouse Clubs had a 9.5% SSSG.

Gross profit for the period grew by 11.5% to P24 billion while operating expenses increased by 7.9% to P15.9 billion.

Year to date, the company added 15 new Puregold stores, bringing the group’s total network to 513 stores nationwide.

To date, Puregold has 443 Puregold stores, 22 S&R membership shopping warehouses, and 48 S&R New York Style quick service restaurants.

On the stock market on Wednesday, shares in Puregold added 95 centavos or 3% to P32.60 apiece. — Justine Irish D. Tabile