Retail / PureGold price club’s Q1 2023 net income grows to P2.4B

RETAIL player Puregold Price Club Inc. has reported a 12 percent growth in net income to P2.41 billion in the first quarter of 2023 from P2.15 billion in the same period last year.

This growth can be attributed to higher sales. The company’s consolidated net sales for the first quarter increased by 15 percent year-on-year, reaching P44.4 billion.

Puregold stated that the positive sales momentum continued, driven by robust consumption despite persistent inflationary pressures.

In the first quarter, the groupwide same-store sales saw an increase of 11.3 percent compared to the same period last year.

Additionally, the company successfully opened five new Puregold stores, one S&R Membership Shopping Warehouse, and one S&R New York Style QSR. As of the end of March 2023, the group had a total of 531 stores in the Philippines. (PR)