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The supermarket chain's Q1 net income surged 105.2% from a year ago
MANILA, Philippines – Supermarket chain Puregold Price Club Inc. recorded triple-digit growth in earnings in the first quarter of 2013, as new stores helped boost sales.
In a disclosure to the Philippine Stock Exchange on Tuesday, April 30, Puregold said its first-quarter net income surged 105.2% to P962 million from P469 million in the same period of 2012.
Consolidated net sales rose 49.8% to P10.7 billion, with stores opened since 2012 accounting for 11.4% of the amount. These stores also accounted for 33% of total increase in net sales.
Puregold acquired membership-only shopping chain S&R and supermarket chain Company E Corp. in 2012. S&R turned in 16% of the total net sales increase, and Company E contributed 1%.
In January to March, Puregold opened 9 new stores, bringing the total number of its outlets to 180.
Puregold eyes to grow sales by 30% to P74.7 billion in 2013, from P57.5 billion in 2012. It set aside P3 billion for the construction of new stores. – Rappler.com
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