Puregold posts P8.05B net income in 2020, up 18.9%

Grocery and supermarkets chain operator Puregold Price Club Inc. (PGOLD) saw its net earnings grow by a double-digit in 2020, despite a challenging business environment brought by the COVID-19 pandemic.

In a disclosure to the Philippine Stock Exchange on Wednesday, Puregold reported an unaudited consolidated net income of P8.05 billion last year, up 18.9% from P6.77 billion in 2019.

The company’s consolidated net sales increased by 9.2% to P168.63 billion in 2020.

Puregold said 73% of the company’s revenues is attributed from its Puregold stores network and 27% coming from S&R Membership warehouse clubs and S&R New York Style Pizza stores.

Puregold stores registered same store sales growth (SSSG) of 2.4% in 2020 while S&R registered a SSSG of 8.7% during the same period.

“Our company has achieved a record breaking year in 2020 despite a lot of challenges due to COVID-19 pandemic,” said Lucio Co, chairman of Puregold.

“We cannot achieve this without the support and commitment of our suppliers and employees in providing the best product and service to our customers. We are committed to drive sustainable growth in 2021 thru continued store expansions and innovations in grocery retailing,” Co said.

As of end-December 2020, the Puregold group has a total of 469 stores nationwide.

These include 403 Puregold stores, 20 S&R membership shopping warehouse, and 46 S&R New York Style quick service restaurants.—AOL, GMA News