Puregold Price Club, Inc. (PGOLD) has reported a consolidated net income of P5.05 billion in the first nine months of 2020, a 10.9% growth compared to the P4.55 billion in the same period in 2019.
Consolidated Net margin for the period is at 4.2%.
Puregold stores registered same-store sales growth (SSSG) of 4.5% in the first nine months of 2020 while S&R registered an SSSG of 6.4% during the same period.
Puregold’s SSSG is driven by robust consumer spending and pantry loading prior to the Covid Quarantine as well as the continued store operations even during the ECQ period.
“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.” said Mr. Lucio Co, Chairman of Puregold.
Puregold consolidated net sales increased by 10.1% to P121.14 billion in the first nine months of 2020. 75% of the revenues is attributed from the Puregold Stores network and 25% coming from S&R Membership warehouse clubs and S&R New York Style Pizza stores.
Income from Operations grew to P8.5 billion in the first nine months of 2020, up by 11.8% compared to P7.6 billion during the same period last year.
As of end September 2020, Puregold group has a total of 455 stores nationwide. These include 393 Puregold stores, 20 S&R membership shopping warehouse, and 42 S&R New York Style QSR.