Puregold posts flat earnings in first half of 2023

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Puregold posts flat earnings in first half of 2023

ABS-CBN News

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Updated Jul 25, 2023 03:32 PM PHT

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MANILA -- Retailer Puregold Price Club on Tuesday said it posted flat earnings in the first half of 2023 as inflationary pressure on margins and expenses offset strong sales.

In a disclosure to the Philippine Stock Exchange, Puregold said its net income went up 5 percent year-on-year to P4.4 billion, with revenue growing 11 percent to P91.2 billion.

The Lucio Co-led company said growth was offset by compressed margins and higher operating expenses, which went up by 12.8 percent from the same period last year.

Puregold said store traffic was up by 6.7 percent, but basket size was flat at 0.2 percent year-on-year.

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The company noted, however, that topline growth will stay buoyant for the rest of the year.

As of June this year, the company has opened 16 new Puregold stores, 1 S&R Membership Shopping warehouse, and 1 S&R New York Style quick service restaurant.

The group now has 543 stores nationwide.

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