MANILA, Philippines - Lucio Co-led Puregold Price Club reported its net income fell slightly in the first three months of the year due to lower interest income.
Puregold said its net income fell nearly 2 percent to P943 million in the first quarter from P962 million during the same period last year.
Interest income fell by P123 million in the January to March period, after P5 billion corporate bonds were pre-terminated in April 2013.
Puregold's net sales rose 14 percent to P18.38 billion during the three-month period, on the back of strong sales growth, suppliers' rebates and conditional discounts to support its store expansion program.
In the first quarter, Puregold's operating income also increased by 13.2 percent to P1.35 billion, while consolidated gross profit margin increased by 13 percent to P3.2 billion.
On Tuesday, Puregold said it will acquire two Duty Free shops
owned by the Co family. Puregold Duty Free Clark and Puregold Duty Free Subic will be consolidated under Puregold.
This year, the supermarket chain is targeting a 20 percent growth in consolidated net sales to P87.8 billion.