Grocery chain operator Puregold Price Club Inc. said net income increased 13.5 percent in 2022 to P9.3 billion from P8.2 billion in 2021 as the economic reopening drove higher foot traffic to its stores.
Net sales climbed 12.3 percent in 2022 to P184.3 billion from P164.1 billion year ago, the company said in a stock exchange filing Tuesday.
Puregold said consumer demand gained momentum as the economy reopened and in-person activities normalized. As result, same-store-sales grew 6 percent in 2022.
“Even as inflation spiked, sentiment was lifted by low unemployment, minimum wage hikes, robust OFW remittances and 100-percent resumption of face-to-face classes,” Puregold said.
“Puregold’s sari- sari store customer base also gained further strength as one of the preferred retail channels in a year that saw robust demand amidst record fuel prices, commodity shortages and higher transportation costs, among others,” it said.
Puregold said fourth-quarter revenues grew 16.1 percent from a year earlier, on the back of a 11.7 percent consolidated same store sales growth. The group opened 24 new Puregold stores and 6 S&R QSRs in 2022. Jenniffer B. Austria