Puregold Price Club, Inc. (PSE: PGOLD) has reported consolidated net income of PhP2.02 billion in the first quarter of 2021 which represents a 14.6% growth compared to PhP1.76 billion in the same period in 2020. Consolidated Net margin for the period improved to 5.4%.
Puregold consolidated net sales decreased by 7.9% to PhP37.73 billion in the first quarter of 2021. 72% of the revenues is attributed from the Puregold Stores network and 28% coming from S&R Membership warehouse clubs and S&R New York Style Pizza stores. Consolidated Income from Operations grew to PhP3.3 billion in 1Q 2021, up by 11.4% compared to PhP2.97 billion during the same period last year.
“Despite the increasing COVID-19 cases that our country is facing, Puregold is in a good position to serve the needs of our valued customers and help fuel recovery of the country’s economy by continuing our store network expansion and introducing new innovations in grocery retailing.” said Mr. Vincent Co, President of Puregold.
As of end March 2021, Puregold group has a total of 479 stores nationwide. These include 413 Puregold stores, 20 S&R membership shopping warehouse, and 46 S&R New York Style QSR.