Puregold FY net income grows 10.5% to P5.53B

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SUPERMARKETS operator Puregold Price Club Inc. (PGOLD) on Thursday said its net income in 2016 grew by 10.5 percent to P5.53 billion compared to P5 billion reported in 2015 driven by strong consumer demand underpinned by a robust economy.

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In a disclosure to the Philippine Stock Exchange (PSE), Puregold said its consolidated net sales increased 15.9 percent to P112.6 billion on the back of strong consumer demand from its existing Puregold, S&R stores and S&R New York Style Pizza stores as well as the newly-opened Puregold stores and S&R membership warehouse.

“For 2017, we will continue to build another 25 new Puregold stores and 2 S&R Membership Warehouse to cater to the growing Filipino consumers,” said Puregold President Vincent Co.

Income from operations grew to P8.1 billion in 2016, up 13.3 percent compared to the P7.15 billion recorded in 2015.

As of end-2016, the Puregold group operated a total of 329 stores in the Philippines. These include 277 Puregold stores, 12 S&R membership shopping warehouses, and 23 S&R New York Style QSR (quick service restaurants), nine NE Bodega Supermarkets and eight Budgetlane Supermarkets.

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