PUREGOLD Price Club Inc. grew its profit in 2019 by 16 percent to P6.75 billion, from P5.82 billion the prior year.
The company said consolidated net margin for the period was at 4.4 percent. Sales rose 9.5 percent to P154.49 billion from P141.09 billion.
It attributed about 77 percent of its topline to the Puregold stores network, while the rest was from the S&R Membership warehouse clubs and S&R New York Style Pizza stores.
The company reported 4.6 percent same store sales growth (SSSG) for its Puregold stores, while S&R posted 8.3 percent SSSG.
“Our 2019 SSSG was driven by higher consumer spending fueled both by minimum wage inflation in 2018 and easing inflation in 2019,” Puregold said.
The company meanwhile said it plans to offer online grocery shopping to 100 Puregold stores from the current 40 stores in its Puregold Mobile App by end-2020, in anticipation of a shift in consumer shopping behavior due to the new coronavirus disease.
“Puregold will also continue its expansion program by opening 25 new Puregold stores and has opened 2 S&R membership shopping warehouse in 2020. This will provide our shoppers better convenience especially now that travel is limited due to quarantine,” it said.
As of end-December 2019, Puregold group has a total of 436 stores nationwide, covering 380 Puregold stores, 18 S&R membership shopping warehouse and 38 S&R New York Style quick service restaurant, with a total net selling area of around 565,000 square meters.
