Puregold profits hit P2B as new stores boost sales

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PUREGOLD Price Club, Inc. reported a 4.1% increase in net profit to 2.05 billion pesos from 1.97 billion pesos last year after recording higher sales boosted by stores newly opened and the easing of mobility restrictions.

“Sales increased as mobility eased further in the second quarter. Total traffic to all stores increased 10% compared to the same period last year,” the company said in a statement. press Tuesday.

During the second quarter, the company recorded a 13.7% increase in net sales to 43.73 billion pesos compared to 38.45 billion pesos last year.

In the first six months, the company recorded a net profit of 4.2 billion pesos, a jump of 5.3% compared to 3.99 billion pesos last year.

“This is primarily due to the continued organic expansion of the Group’s grocery stores, strategic cost management and continued strong consumer demand,” the company said in a statement to the stock exchange.

It also posted a 7.9 percent increase in net sales for the half to 82.24 billion pesos from 76.18 billion pesos a year earlier.

“Net sales increased slightly due to the contribution of sales from full operation of new stores in 2021 and the contribution of revenue from newly opened stores in 2022 from Puregold and S&R,” the company said.

The company added nine additional Puregold stores in the first half of the year, bringing the total number of Puregold Group stores nationwide to 507 at the end of June.

These stores include 438 Puregold stores, 22 S&R member commercial warehouses and 47 S&R New York Style quick service restaurants.

Puregold Price Club operates group stores located throughout the Philippines, maintains two online platforms – “Sally” and “PureGo” – and is affiliated with other online delivery platforms like Pickaroo, Metromart, Lazada and Shopee.

Trading on Tuesday, the company’s shares ended unchanged at 30.10 pesos each. — Justine Irish D. Tabile

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