Puregold Net Income Up 6.5% to P2.15 Billion in Q1 2022

Puregold Price Club Inc. of billionaire business couple Lucio and Susan Co reported earnings of P2.15 billion in the first quarter of 2022, up 6.5% compared to the same period last year. A disclosure in the stock market attributed the earnings spike to the company’s “organic expansion of grocery retail outlets, diligent cost management and sustained strong consumer demand.”

Net sales for the same period increased 2.1 percent to P38.51 billion versus 2021. Puregold said it experienced a recovery in sales following the lifting of lifting of heighted mobility restrictions after the surge in Omicron cases earlier this year.

Meanwhile, gross profit of P7.70 billion grew 6.8% year-on-year while operating expenses of P4.95 billion was capped at a growth of 5.51 period for the same period as the company took advantage of its economies of scale to allow greater availability of goods and better product assortment for its customers.

Puregold Price Club opened five new Puregold stores in the first three months of 2022. The company now has 504 stores nationwide broken down into 405 Puregold stores, 22 S&R membership shopping warehouse, and 47 S&R New York Style quick service restaurants.

In 2021, Puregold reported a net income of P8.18 billion, only a slight increase from 2020’s P8.06 billion. 

The company classifies its stores into hypermarkets (Puregold Price Club), supermarkets (Puregold Jr.), discounters (Puregold Extra), and minimarts.

Puregold also owns Entenso Equities, Inc., which is the holding company for two companies: Ayagold Retailers, Inc. and San Roque Supermarkets. PPCI Subic, Inc. operates one Puregold branch in Subic Bay, Olongapo City, while in 2018, the company also incorporated Purepadala, Inc. mainly for its remittance operations.

Forbes ranks Lucio and Susan Co, the founders and owners of Puregold at number 14 of the richest people in the Philippines, with an estimated net worth of $1.75 billion (about P91.76 billion).

The couple also has interests in gaming, hotels, and wine distribution.