Puregold Store Network Reaches 100 News & Events » Puregold Store Network Reaches 100
Puregold Store Network Reaches 100
Krista Angela M. Montealegre
PUREGOLD Price Club Inc. beefed up its store network with the scheduled opening of its 100th store in Taguig City on Monday.
The new store will be located at Gen. A. Luna Street corner Col. P. Cruz Street in Barangay Tuktukan, beside the Taguig City Hall, the supermarket chain operator said in a disclosure to the Philippine Stock Exchange.
Puregold considers the newest store as a “milestone in its continuing expansion and development.”
Puregold earlier revealed plans to open 38 branches this year, raising its store network to 100 by yearend. It plans to open at least 25 stores in 2012, half of which will be opened in the affluent cities in the Visayas and Mindanao, marking its expansion beyond Luzon.
\Another 25 stores should be rolled out in 2013 to bring its network to 150 stores.
In September, Puregold raised P7.5 billion from an initial public offering to pay down debt and finance its store expansion.
From 2011 to 2013, the grocery chain will expand its store network in Davao, Rizal, Cavite, Bataan, Pangasinan, Baguio City, Ilocos Norte, Caloocan, Bulacan, Camarines Sur, Laguna, Quezon City, Legaspi City, Iloilo City, Leyte, Cebu City, Tarlac City, La Union and Albay.
Puregold largely caters to the broad C and resellers market, accounting for 65 percent and 35 percent of its market. It serves over 2 million households and 170,000 small entrepreneurs. Buoyed by its store expansion, Puregold had said its profit could double to P1.6 billion this year from P750 million in 2010.
At end-September, Puregold reported a 185 percent jump in net income to P1.08 billion from P379 million in the same period last year as revenues surged because of its rapid store expansion.Its shares rose to P17.66 on Friday from P17.02 each on Thursday.