Puregold Q1 profit climbs 6.5% to P2.64 billion

LUCIO L. CO-LED grocery retailer Puregold Price Club, Inc. reported a 6.5% increase in its first-quarter (Q1) consolidated net income to P2.64 billion from P2.48 billion a year earlier, driven by stronger revenue.

Consolidated revenue rose by 10.8% to P52.42 billion from P47.32 billion, Puregold said in a regulatory filing on Tuesday.

Gross profit also grew by 10.8% to P10.26 billion.

Same-store sales growth (SSSG) for Puregold stores reached 5.9%, led by higher basket sizes, while S&R Membership Shopping Warehouses recorded 4% SSSG due to increased customer traffic.

Operating expenses rose by 13.6% to P7.19 billion.

As of end-March, Puregold operated 757 stores nationwide, consisting of 662 Puregold stores, 30 S&R Membership Shopping Warehouses, and 65 S&R New York Style quick-service restaurants.

Puregold President Ferdinand Vincent P. Co said last month that the retailer is prioritizing key provincial markets as part of its “aggressive” store expansion plan this year.

“This strategic initiative is designed to drive continued growth, expand our market footprint, and enhance customer shopping satisfaction, convenience, and accessibility, ultimately positioning us for long-term value creation,” he said.

Puregold shares rose by 0.48% or 15 centavos to P31.50 apiece on Tuesday. — Revin Mikhael D. Ochave