Puregold says 2012 profit surged 76% 

Puregold Price Club Inc., the country’s second largest supermarket chain, reported a 75.9 percent surge in profit last year to P2.72 billion, largely due to an aggressive store expansion program and in a strong retail trade environment.

 

Consolidated net sales grew 47.4 percent to P57.47 billion as a result of the 27.1 percent increase in sales turnover of the group’s 131 Puregold stores operating as of end-December last year, the company noted in a disclosure to the Philippine Stock Exchange.

 

S&R warehouse clubs and 19 Parco supermarkets, which Puregold acquired in June 2012, chipped in 13.9 percent of consolidated net sales.

 

Gross profit margin level improved to 16.1 percent from 14.2 percent.

 

Puregold has earmarked P3 billion to build 25 new stores this year and expand its existing 150-branch network. Its strategy is to build new stores over the next five years to sustain rapid growth.

 

The group is making its first foray in Mindanao with the construction of an S&R warehouse in Davao and a Puregold outlet in Cagayan De Oro.

 

Puregold is also building another S&R membership store at the former site of Cherry Foodarama on Shaw Boulevard either late this year or early 2014, with a budget of P1 billion. — VS, GMA News