MANILA, Philippines - Puregold Price Club Inc. is targeting a 20 percent growth in consolidated net sales this year.
The Lucio Co-led company expects growth this year to be driven by sales in its existing and new Puregold and S&R stores and the full year operations of Company E stores.
In 2013, Puregold reported P73.2 billion in consolidated net sales. This was 27% higher than the P57.47 billion in net sales it posted in 2012.
Puregold said it allocated around P3 billion in capital expenditures to open 25 new stores this year. Of the 25 stores, ten were opened in the first quarter.
The company said it is aiming to "pursue acquisitions as template to further geographic expansions."
As of end-2013, Puregold had a total of 213 stores, inluding 205 Puregold branches and 8 S&R stores. The bulk of the stores are in Metro Manila.
Puregold reported its net profit surged 46% to P3.96 billion in 2013, due to its network expansion and acquisitions.