Puregold eyes ‘aggressive’expansion this year
LUCIO L. CO-LED grocery retailer Puregold Price Club, Inc. said it is looking to expand its presence in provincial markets this year.
“As we look to 2025, we are implementing an aggressive store expansion strategy, prioritizing key provincial markets,” Puregold President Ferdinand Vincent P. Co said in a regulatory filing on Thursday.
“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 added.
In 2024, the company opened 26 new Puregold stores, four S&R Membership Shopping Warehouse branches, and eight S&R New York Style quick-service restaurants (QSRs).
Mr. Co said this as Puregold reported a 21.3% increase in consolidated net income to P10.4 billion in 2024, up from P8.6 billion in 2023, driven by higher revenue.
Consolidated revenue rose by 10.1% to P219.17 billion from P199 billion in 2023.
Puregold stores recorded 4.5% same-store sales growth (SSSG), while S&R Warehouse Clubs posted 6.4% SSSG due to 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,” Mr. Co said.
Puregold’s store network consists of 602 stores nationwide, including 511 Puregold stores, 29 S&R Membership Shopping Warehouses, and 62 S&R New York Style QSRs.
Meanwhile, Puregold said its board approved regular and special dividends totaling P5.21 billion.
Broken down, this consists of a 30% regular dividend payout, equivalent to P1.09 per share, for a total of P3.13 billion. This will be distributed to shareholders of record as of April 30.
The board also approved a 20% special dividend payout, worth P0.72 per share, totaling P2.08 billion. This will be given to shareholders of record as of Sept. 2.
On Thursday, Puregold shares rose by 7.84%, or P2, to P27.50 per share. — Revin Mikhael D. Ochave
