MANILA, Philippines — Puregold Price Club Inc., the flagship retail chain of businessman Lucio Co, is optimistic on sustained revenue growth this year after ending the first quarter with positive financial results.
Puregold saw its consolidated net income rise to P2.5 billion in the first quarter from last year’s P2.4 billion.
The improvement was driven by a 6.7-percent jump in revenues to P47.3 billion from P44.4 billion in the same quarter in 2023.
Puregold said its topline growth was partly offset by a decline in margins primarily due to the aggressive store expansion, slight gross margin compression to remain competitive and grow market share.
The company said same store sales growth trends continued to normalize starting in the second quarter of 2023 as consumer revenge spending has plateaued.
Moving forward, the company said it continues to see a buoyant trajectory for the year.
The group has a total of 568 stores nationwide. These include 488 Puregold stores, 26 S&R Membership Shopping Warehouses and 54 S&R New York Style QSRs.