Puregold to open 5 more stores this year

MANILA, Philippines – Supermarket chain operator Puregold Price Club Inc. (PPCI) will open 5 additional stores before the end of 2014.

Beginning this month, PPCI president Leonardo Dayao said Puregold branches will open in the following areas: 

• Rosario, Pasig
• Espana, Manila
• Karuhatan, Valenzuela
• Trece Martirez, Cavite
• Angeles, Pampanga

PPCI, whose units include Puregold and high-end membership supermarket S&R, booked a net income of P3.007 billion ($66.803 million*) for the first 9 months of 2014, an increase by 13.8% from last year.

Its sales also rose to P59.8 billion ($1.328 billion*), a 16% increase compared to the first 9 months of 2013.

“The increase in consolidated sales reflected a positive increase in same store sales a year ago levels and the opening of 26 new stores this year,” PPCI chairman Lucio Co said in a disclosure on Wednesday, November 5.

The company said the acceleration was driven by supplier volume discounts and its loyalty and membership program for its core customers who are primarily resellers. It cited the annual Aling Puring convention in May 2014 as the propeller of the company’s growth.

As of Wednesday, its trading price closed at P36.15 ($0.80) per share, a 4.18% increase from its opening price on the same day. – Rappler.com

(*$1=P45.01)