Puregold Profits Rise To ₱9.3-B

Puregold Price Club Inc. reported a 13.5% improvement in consolidated net income to P9.3 billion last year from P8.18 billion in 2021.

Photo Insert: The group opened 24 new Puregold stores and 6 S&R quick service restaurants to bring the total to 525 stores nationwide at the end of 2022.

The firm said In a disclosure to the Philippine Stock Exchange (PSE), it has sustained a growth path throughout the pandemic by being a reliable partner to its suppliers and leveraging its reach and scale to bring value to its community of carded members.

Its consolidated net sales for 2022 were higher by 12.3% to P184.3 billion, from P164.1 billion, driven by 6.6% full-year same-store sales growth and growth in new stores.

The company still sees continuous growth in its topline in the coming years due to the country’s healthy underlying fundamentals, underserved demand, and relatively raw retail landscape.

Full-year gross profit grew 12.4% to P33.8 billion as operating expenses rose 10.7% to P22.5 billion. For the year, the company remained committed to keeping high inventory levels and increased its business activities due to expansion in more provincial areas.

Gross Profit margins remained buoyant due to sales mix and collaborative business partnerships with suppliers as the group pushes to offer competitive prices to ease inflationary pressures for all customers.

The increase in operating expenses was primarily attributable to higher employee costs, utilities expenses, and lease-related charges partially offset by the execution of productivity initiatives.

The group opened 24 new Puregold stores and 6 S&R quick service restaurants to bring the total to 525 stores nationwide at the end of 2022. This includes 452 Puregold stores, 22 S&R membership shopping warehouses, and 51 S&R New York Style QSRs.

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