Puregold nets P8B in 2020

Grocery operator Puregold Price Club Inc. saw its unaudited consolidated net income climb by 18.9 percent to P8.05 billion last year from P6.77 billion a year ago.

The company’s consolidated net sales was likewise up by 9.2 percent to finish the year at P168.63 billion.

In a filing on Wednesday, the listed firm said its Puregold stores network contributed 73 percent of the total revenues, while the S&R Membership warehouse clubs and S&R New York Style Pizza stores contributed the remaining 27 percent.

Same store sales growth (SSSG) of Puregold stores inched up by 2.4 percent, while S&R’s SSSG rose 8.7 percent last year.

Consolidated income from operations also recorded a double-digit growth of 17.3 percent to P13.4 billion in 2020 from P11.4 billion in 2019.

“Our company has achieved a record breaking year in 2020 despite a lot of challenges due to Covid-19 (coronavirus disease 2019) pandemic. We cannot achieve this without the support and commitment of our suppliers and employees on providing the best product and service to our customers,” Puregold Chairman Lucio Co said in the filing.

“We are committed to drive sustainable growth in 2021 thru continued store expansions and innovations in grocery retailing,” Co continued.

Puregold ended last year with 469 stores, of which 403 are Puregold stores, 20 are S&R membership shopping warehouses and 46 are S&R New York Style QSR.

Shares of Puregold gained 45 centavos or 1.13 percent on Wednesday to close at P40.45 each.