Puregold says 9-month net income up 10.9 pct buoyed by 'robust consumer spending'

ABS-CBN News

Posted at Oct 29 2020 10:11 AM

MANILA - Puregold Price Club Inc said Thursday its consolidated net income for the first nine months of the year reached P5.05 billion.

The consolidated net income for the January to September period is 10.9 percent higher compared to P4.55 billion in the same period last year, the company told the stock exchange.

Puregold said it posted same store sales growth (SSSG) of 4.5 percent for the first 9 months of 2020 while S&R registered 6.4 percent same store sales growth for the period. 

Consolidated net sales increased by 10.1 percent to P121.14 billion for the period, it said. 

At least 75 percent of the revenues is from Puregold's stores network while 25 percent came from S&R membership warehouse clubs and S&R New York Style Pizza stores, it said.

"Our SSSG is driven by robust consumer spending and pantry loading prior to the COVID Quarantine as well as the continued store operations even during ECQ period," Puregold said.

“We are confident that our company will achieve another record year in terms of net profits for the full year 2020 despite the challenges brought about by Covid-19," Puregold chairman Lucio Co.

Puregold has expanded its digital offering with its Aling Puring app when the COVID-19 lockdowns was imposed.

As of end-September 2020, the operator has 455 stores nationwide.