Puregold nets P9.287B in 2022

Listed retail firm Puregold Price Club Inc. saw a double-digit increase in its 2022 bottom line, following the increase in consumer demand as economies reopened after the COVID-19 pandemic.

In a regulatory filing, Puregold said its net income rose 13.5% to P9.287 billion from P8.180 billion the past year, as net sales jumped by 12.3% to P184.303 billion from P164.125 billion.

Operating expenses grew 10.7% to P22.522 billion, driven mainly by higher costs on employees, utilities, and lease-related charges.

The company reported a 16.1% growth in its fourth-quarter topline, driven by holiday spending and the greater normalization of in-person activities during the period.

“Even as inflation spiked, sentiment was lifted by low unemployment, minimum wage hikes, robust OFW remittances, and 100$ resumption of face-to-face classes,” it said.

The company ended 2022 with a total of 525 stores nationwide, after opening 24 new Puregold stores and six S&R quick service restaurants (QSRs).

Broken down, its portfolio includes 452 Puregold stores, 22 S&R membership shopping warehouses, and 51 S&R New York Style QSRs.

Puregold also owns Entenso Equities Inc., the holding company for Ayagold Retailers Inc. and San Roque Supermarkets.

Shares in Puregold Price Club Inc. closed Tuesday’s trading up by P0.3 or 0.92% at P33 apiece. —VAL, GMA Integrated News