Supermarket chain operator Puregold Price Club Inc. said Thursday it expects revenues to grow by an average of 7 percent over the next five years as it continues to roll out more stores across the country.
“We find it attainable to grow the topline at compounded annual growth of 7 percent for the next five years based on current level of operations,” Puregold investors relations head Victor John Dizon said in an investors forum Thursday.
Puregold upgraded its target consolidated revenue growth to 8 to 10 percent in 2023.
“Inflationary pressures may continue as average inflation rate for the year may still be higher than BSP’s projections. However, employment gains are seen to continue and should there be tailwinds from lower income taxes and higher minimum wages, these will probably take effect in the second half ,” Dizon said.
Dizon said the group was also upgrading its target supermarket store opening for 2023 following the acquisition of 15 Divimart stores.
Dizon said Puregold would open 45 stores this year, including four S&R Warehouse stores, to end the year with close to 500 outlets. The company initially planned to open 30 stores.
Puregold has been opening an average of 25 to 30 stores per year since it held its initial public offering in 2011. Dizon said for the next five years, the group was looking to exceed this as part of strategy to expand its footprint across the country.
Dizon said the group was also upskilling and beefing up its workforce in preparation for the planned aggressive store rollout.
Puregold reported consolidated net income of P4.4 billion in the first six months of 2023, up by 4.8 percent from the same period last year as revenues jumped 11 percent to P91.2 billion.