Puregold earnings at record high in 2024

MANILA, Philippines — Puregold Price Club Inc., the flagship retail chain of businessman Lucio Co, is stepping up its expansion in the provinces this year to ensure sustained growth after finishing 2024 with record high earnings.

Puregold president Ferdinand Vincent Co said the company is implementing an aggressive store expansion strategy for 2025, with key provincial markets to be prioritized.

“This strategic initiative is designed to drive continued growth, expand our market footprint and enhance customer shopping satisfaction, convenience and accessibility, ultimately positioning us for long-term value creation,” he said.

Puregold saw its net income jump by 21.3 percent to P10.4 billion in 2024 from P8.6 billion in 2023 on the back of strong revenue growth and improvement in gross margins for the S&R business.

Revenues increased by 10.1 percent to P219.17 billion from the previous year’s P199 billion.

The company recorded positive same store sales growth of 4.5 percent from Puregold stores and 6.4 percent from S&R Warehouse clubs, driven by higher traffic and basket size.

“Our company has delivered record-breaking earnings, demonstrating resilience and strong performance even in the face of challenging market conditions. This success is a direct result of the sustainable growth and proven profitability of our core business,” Co said.

Puregold operates a total of 602 stores nationwide comprising of 511 Puregold stores, 29 S&R Membership Shopping Warehouses and 62 S&R New York Style quick service restaurants (QSR).

Last year, the company opened 26 new Puregold stores, four S&R Membership Shopping Warehouse and eight S&R New York Style QSRs.

With its strong performance in 2024, Puregold’s board has approved a 30-percent regular dividend payout, equating to P1.09 per share, amounting to a total of P3.13 billion.

The regular dividend will be distributed to shareholders of record as of April 30, 2025.

On top of the regular dividend, Puregold said its board has also approved a 20-percent special dividend payout, amounting to P0.72 per share, for a total of P2.08 billion.

The special dividend will be distributed to shareholders of record as of Sept. 2, 2025.

Together, the total dividend payout – comprising both the regular and special dividends – will amount to P5.21 billion, reflecting a dividend yield of 7.1 percent.

Puregold said the payouts will be sourced from the company’s unrestricted retained earnings as of end-2024.