Puregold profits up 75.9% in 2012
MANILA, Philippines - Aggressive store expansion and new acquisitions in 2012 allowed retail firm Puregold Price Club Inc.'s net income to soar by 75.9%.
In a disclosure to the stock exchange on Tuesday, February 19, Lucio Co-led Puregold reported a P2.72 billion net income in 2012 from P1.55 billion in 2011.
The strategy for the year was also reflected in consolidated net sales, which grew 47.4% to P57.47 billion in 2012. Sales turnover at the stores increased by 27.1%.
The 6 S&R warehouse clubs and 19 Parco supermarkets that Puregold acquired in June 2012 contributed 13.9% to the consolidated net sales in 2012.
In 2012, Puregold also acquired Company E Corp., which owns Eunilaine foodmarts and 11 Grocer E supermarkets across Luzon.
Puregold expects the Company E acquisition to grow its customer base in areas such as Marikina, Quezon City and Rizal.
By end-2012, Puregold had 171 stores, including 131 Puregold stores, 19 Parco supermarkets, 6 S&R warehouses, 4 Eunilaine foodmarts and 11 Grocer E supermarkets.
Puregold announced plans to open 25 more stores this 2013. - Rappler.com