Puregold eyes 50% sales growth this year

ABS-CBN News

Posted at Aug 22 2012 12:14 PM | Updated as of Aug 23 2012 01:06 AM

MANILA, Philippines - The Lucio Co-led retailer Puregold Price Club Inc. is eyeing 50% growth in consolidated net sales this year, as it opens more hypermarkets and supermarkets.

In a presentation to be given at its analysts' briefing on Thursday, Puregold said its 2012 consolidated net sales is targeted to grow by 50% from P39 billion a year ago.

Same-store sales growth is seen at 4% for Puregold stores, and 15% for S&R stores. The full year operations of 38 new Puregold stores last year, six-month operations of 9 new Puregold stores in the first half of the year and consolidation of 7-month results of S&R and Parco are expected to give Puregold's sales a lift.

For the rest of 2012, Puregold is opening 22 more stores, mostly hypermarkets.

In the first half of the year, Puregold reported a 32% jump in net income to P1.03 billion from P783 million a year ago. Total net sales hit P23.28 billion in the January to June period, increasing 34.4% from P17.32 billion during the same period last year.

Puregold operates supermarkets under its own brand, as well as Parco and S&R, the only warehouse membership club in the Philippines.

Puregold grown significantly since it started operations in 1998 to 134 stores in 35 cities and 28 municipalities as of June 30, 2012.