Puregold Price Club Inc. of bilyonaryo Lucio Co maintained its profitability in the first nine months despite sales dropping by 4.9 percent.

In a stock exchange filing, Pgold said
consolidated net earnings rose 13.6 percent to P5.73 billion even as revenues declined to P115.24 billion.

Of the total revenues, 72 percent came from Puregold stores and 28% from S&R Membership warehouse clubs and S&R New York Style Pizza outlets.

Operating income increased by 6.7 percent to P9.06 billion owing to improved gross margins and strategic costs controls.

“We continue to be optimistic that the Philippine economic recovery will improve going into the last quarter of 2021 as Covid-19 cases continue to decline, quarantine restrictions are relaxed, and mobility of Filipinos increases as more people get vaccinated,” said Vincent Co, president of Puregold.

These factors, Co said, “complement the company’s aggressive store network expansion, new channel development and marketing activities to cater to the resurgence of the sari-sari store customers during the pandemic, and Puregold Caravans to bring the Puregold’s store experience closer to end consumers.”

Co said Pgold would continue its investments in e-commerce, logistics network for last mile delivery processes and innovative marketing to retain customers and attract new ones.

Pgold has so far opened 19 new organic stores out of the planned 30 new Puregold stores. It also opened 2 new warehouse clubs.

It ended September with a total network of 489 stores nationwide — 422 Puregold, 22 S&R and 45 S&R New York Style QSR

The post Vincent Co keeps up with consumers: Puregold maintains profit run first appeared on Bilyonaryo Business News.



Vincent Co keeps up with consumers: Puregold maintains profit run
Source: Filipino Daily Inquirer