Puregold H1 net up 4.8% at P4.4B

By Ed Paolo Salting | The Manila Times
July 26, 2023

PUREGOLD Price Club Inc. (Puregold) saw its first-half net income inch up by 4.8 percent year on year to P4.4 billion with earnings tempered by higher operating expenses, lower margins and inflationary pressure.

“For the period, double-digit topline growth was partially offset by compressed margins and higher operating expenses,” the company said on Tuesday.

Consolidated revenues rose by 11 percent to P91.23 billion from P82.2 billion, with group-wide same-store sales growing by 7 percent as shop traffic rose 6.7 percent while baskets were flat, up just 0.2 percent year on year.

By store banner, same-store sales growth (SSSG) rose by 5.9 percent at Puregold stores and up 9.5 percent at S&R Warehouse clubs.

“SSSG trended toward more normalization starting in the second quarter as a contrast to the more flattering base effects felt in the first quarter of this year,” Puregold said.

Other operating income rose 3.4 percent to P1.52 billion from P1.47 billion while operating expenses increased by 12.8 percent to P11.69 billion.

Puregold said it continued to see a buoyant revenue trajectory for the rest of the year as it gears up to boost its store presence across the country.

As of end-June, the retailer had opened 16 new Puregold stores, one S&R Membership Shopping Warehouse and one S&R New York Style quick service restaurant. Total store count as of midyear was 543 stores, which include 467 Puregold stores, 23 S&R Membership Shopping Warehouses and 52 S&R New York Style restaurants.

Puregold shares closed down 60 centavos, or 2 percent, at P29.40 each amid a 0.45-percent uptick for the benchmark Philippine Stock Exchange index.


Source: https://www.manilatimes.net/2023/07/26/business/corporate-news/puregold-h1-net-up-48-at-p44b/1902417