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Puregold net income up 13.5% to P9B as sales rise

LISTED retailer Puregold Price Club, Inc. recorded a 13.5% increase in consolidated net income to P9.23 billion in 2022 from P8.18 billion in the previous year due to higher sales.

“[Puregold] has sustained a growth path throughout the pandemic by being a reliable partner to its suppliers and leveraging its reach and scale to bring value to its community of carded members,” the company said in a disclosure on Tuesday.

The company’s revenues increased by 16.1% due to an 11.7% growth in same-store sales. It did not give out specific figures.

“The company still sees continuous growth in its topline in the coming years due to country’s healthy underlying fundamentals, underserved demand and relatively raw retail landscape,” the company said.

Puregold said that consolidated net sales grew by 12.3% to P184.30 billion from the P164.13 billion it saw the previous year, driven by same-store sales growth and new-store growth.

Operating expenses rose by 10.7% P22.52 billion from P20.35 billion previously.

“The increase in operating expenses was primarily attributable to higher employee costs, utilities expense and lease-related charges partially offset by execution of productivity initiatives,” Puregold said.

Cost of sales also increased by 12.3% to P150.48 billion from the P134.04 billion reported in the previous year.

Gross profits, likewise, grew in 2022 by 12.4% to P33.82 billion from P30.08 billion last year.

Year to date, the company added 24 new Puregold stores, bringing the group’s total network to 525 stores.

In ended 2022 with 452 Puregold stores, 22 S&R membership shopping warehouses, and 48 S&R New York Style quick service restaurants.

On the stock market on Tuesday, shares in Puregold rose by 0.9% or 30 centavos to close at P33 apiece. — Adrian H. Halili

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