Puregold opening more stores

Puregold Price Club Inc., the second largest grocery operator in the Philippines owned by billionaire Lucio Co., plans to increase net sales by 12 percent to 15 percent in 2016, with the opening of more stores and acquisitions.

Puregold said in a disclosure to the stock exchange it would open 25 more Puregold stores and two S&R Shopping Membership outlets this year. The company also remains on the lookout for acquisitions and new geographic locations.

Puregold reported a net income of P5 billion in 2015, up 10.6 percent from P4.52 billion in 2014.

“This was principally driven by the continuous expansion of the group both organic as well as strategic acquisitions and investments and combined management strategies and programs to boost revenue contributions from both the base stores, as well as new stores complement by operating efficiencies and strategic cost controls on operating expenses at it current levels,” Puregold said.

Consolidated net sales increased 15 percent to P97.17 billion in 2015 due to the strong consumer demand from existing Puregold, S&R and S&R New York Style Pizza stores as well as newly-opened outlets. 

Puregold said new stores put up in 2014 that were fully operational in 2015 boosted the company’s consolidated net sales.

Income from operations roawe to P7.15 billion in 2015, up 10 percent from P6.48 billion a year ago.

“Strong consumer demand has driven Puregold only same store sales growth of 3.8 percent in 2015 which is the highest SSSG growth in the last four years. We look forward to sustain or achieve higher same store sales growth in 2016 given that the same stores sales growth in the first two months of 2016 has been in the 7 to 8 percent.” said Puregold president Vincent Co.

The Puregold group had 298 stores nationwide at the end of 2015. These include 255 Puregold, 10 S&R and 16 S&R New York Style stores, and 17 outlets of NE Bodega and Budgetlane Supermarket acquired during the year.

Share price of Puregold on Thursday gained 4.q percent to P41.

Topics: Puregold Price Club Inc. , Lucio Co , net sales , opening more stores
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