Puregold profit rises 67% to P1.8B on new stores
MANILA, Philippines - Earnings of listed grocer Puregold Price Club, Inc. surged 67% to P1.802 billion in the nine months to September, driven by higher sales as it opened more stores.
Net sales went up by 45% to P39.137 billion from P26.945 billion, while cost of sales increased 43% to P32.870 billion from P23.004 billion. Operating expenses, meanwhile, climbed 58% to P4.874 billion from P3.094 billion.
Puregold said it opened 20 stores in the first nine months of the year, bringing the total number of stores to 120 as of end-September.
The stores in operation include 71 hypermarkets, 36 supermarkets and 13 discounters.
Moreover, the company also acquired 6 S&R warehouses and 19 Parco supermarkets in June.
For the third quarter alone, net income ballooned 161% to P769 million from P295 million, Puregold reported.
Net sales amounted to P15.861 billion, up 65% from P9.629 billion, while cost of sales grew 59% to P13.279 billion from P8.334 billion.
Operating expenses, meanwhile, increased 75% to P1.949 billion from P1.112 billion.