Puregold Net Income Grew 11.9% to PhP1.51 Billion in 1Q 2019
Puregold Price Club, Inc. (PSE: PGOLD) has reported a consolidated net income of PhP1.51 billion in the first quarter of 2019 which represents an 11.9% growth compared to PhP1.35 billion in the same period in 2018. Consolidated Net margin for the period is at 4.3%.
Puregold stores registered stronger than expected same store sales growth (SSSG) of 6.9% in 2018 while S&R registered a SSSG of 9.4% during the same period. Our SSSG in the first quarter of 2019 is driven by higher consumer spending fueled both by minimum wage inflation in 2018 and easing inflation in 2019.
Puregold consolidated net sales increased by 12.8% to PhP34.83 billion in the first quarter of 2019. 76% of the revenues is attributed from the Puregold Stores network and 24% coming from S&R Membership warehouse clubs and S&R New York Style Pizza stores. Income from Operations grew to PhP2.57 billion in the first quarter of 2019, up by 9.1% compared to PhP2.36 billion during the same period last year.
The company will hold an exciting Puregold Negosyo Convention this coming May 16 to 19 for our most loyal and “Always Panalo Generation” of Tindahan ni Aling Puring (TNAP) members.
As of end March 2019, Puregold group has a total of 417 stores nationwide. These include 362 Puregold stores, 17 S&R membership shopping warehouse, and 38 S&R New York Style QSR with a total net selling area of around 550,000 sqm.
For 2019, Puregold aims to add 25 new Puregold stores and 4 new S&R warehouse as part of our store network expansion.
