Puregold net income rises 13.5% to P9.3B




The Manila Times


Corporate News

RETAIL firm Puregold Price Club Inc. saw its consolidated net income rising by 13.50 percent to P9.30 billion last year, from P8.18 billion in 2021, as consumer demand gained momentum. “Even as inflation spiked, [consumer] sentiment was lifted by low unemployment, minimum wage hikes, robust OFW (overseas Filipino worker) remittances and 100-percent resumption of faceto-face classes,” Puregold said in a statement. Consolidated net sales for 2022 jumped to P184.30 billion, up by 12.30 percent from P164.13 billion in 2021, and driven by 6.60-percent same-store sales growth. “In the second half of the year, despite surveys showing declining consumer expectations, Filipinos were unfazed as early holiday spending and greater normalization of in-person activities unhindered by health protocols provided impetus for a sizzling fourth quarter as Puregold’s topline for that span grew by 16.10 percent in 2022 on the back of 11.7-percent consolidated same-store sales growth in the fourth quarter,” Puregold said. Full-year gross profit was P33.80 billion, up by 12.40 percent from 2021. Operating expenses also rose to P22.5 billion, up 10.70 percent from 2021. The increase was attributed to higher employee costs, utilities expense and lease-related charges that were partly offset by the implementation of productivity initiatives. As of end-2022, the Puregold group had a total of 525 stores nationwide. These included 452 Puregold stores, 22 S&R membership shopping warehouses and 51 S&R New York Style Quick-Service Restaurants. Puregold’s share price increased by 30 centavos on Tuesday at P33 amid a 0.12-percent gain for the benchmark Philippine Stock Exchange index.