LUCIO CO-LED Puregold Price Club, Inc. reported a net income of P3 billion for the first nine months, up 13.8 percent from last year’s P2.6 billion driven by robust sales and a bigger store network.
Revenues for the period likewise increased 16.1 percent to P59.8 billion fueled by strong same-store sales and the opening of 26 new stores this year.
“Our solid performance in the third quarter reinforces our confidence that Puregold will continue to achieve substantial growth for the full year of 2014 both in terms of sales revenues and bottom line income,” Puregold President Leonardo Dayao said.
As of end-September, the company had a total of 226 stores in its network, comprising 120 Puregold price clubs or hypermarkets, 76 Puregold Jr. stores, and 29 Puregold extras.
“We are especially happy with the strong support our suppliers have been extending to us. They are truly our partners who make it possible for us to serve our customers the best way we can,” Puregold chairman Lucio Co said.
Meanwhile, Puregold affirmed plans to expand to the convenience store retail format by bringing in Japan-based Lawson convenience stores to the country.
Through its partnership with Lawson, Puregold will compete in the booming convenience store arena against strong players including Ayala Land’s FamilyMart, SM Group’s Alfamart, Villar Group’s All Day, Gokongwei family’s Ministop, US-based newbie Circle K, and market leader 7-Eleven.
Incorporated in 1998, Puregold primarily operates hypermarkets and retail stores. Its portfolio includes hypermarket format Puregold Price Club, supermarket Puregold Junior, discounter format Puregold Extra, and high-end membership shopping S&R.