Puregold Price Club Inc., the country’s second largest grocery retailer, said its earnings last year grew by more than a tenth on the back of strong consumer demand.
In a disclosure to the Philippine Stock Exchange on Thursday, Puregold said its consolidated net income increased by 10.6 percent to P5 billion in 2015 versus P4.52 billion during the same period a year earlier.
Consolidated net margins stood at 5.1 percent, which Puregold said is the highest among grocery retailers in the Philippines.
“Strong consumer demand has driven Puregold only same store sales growth [SSSG] of 3.8 percent in 2015 which is the highest SSSG growth in the last four years.
“We look forward to sustain or achieve higher same store sales growth in 2016 given that the same stores sales growth in the first two months of 2016 has been in the 7 to 8 percent.” said Vincent Co, Puregold’s president.
Consolidated net sales increased by 14.7 percent to P 97.17 billion, because of strong consumer demand from existing Puregold, S&R, and S&R New York Style Pizza outlets, as well as newly opened stores.
Income from operations rose by 10.4 percent to P7.15 billion from P6.48 billion.
As of end-2015, Puregold registered 298 stores nationwide. These include 255 Puregold, 10 S&R, and 16 S&R New York Style stores.
Also last year, Puregold bought 17 NE Bodega and Budgetlane Supermarket outlets.