C02325-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Mar 28, 2023
2. SEC Identification Number
A199813754
3. BIR Tax Identification No.
201-277-095
4. Exact name of issuer as specified in its charter
Puregold Price Club, Inc.
5. Province, country or other jurisdiction of incorporation
Manila, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
No. 900 Romualdez St., Paco, Manila Postal Code 1007
8. Issuer's telephone number, including area code
09178612459
9. Former name or former address, if changed since last report
None
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 2,880,137,615
11. Indicate the item numbers reported herein
Other Matters

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Puregold Price Club, Inc.PGOLD

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Press Release entitled "Puregold Bags P9.3bn in Fifth Straight Year of Record Earnings"
Background/Description of the Disclosure

Puregold Price Club Inc. (PGOLD) consolidated net income for the year ended December 31, 2022 totaled Php 9.3bn. PGOLD has sustained a growth path throughout the pandemic by being a reliable partner to its suppliers and leveraging its reach and scale to bring value to its community of carded members. Recently, the publicly-listed retail chain emerged as The Philippine’s Most Chosen Retailer for majority of Filipinos, according to leading global data analytics provider, Kantar. In 2022, consumer demand gained momentum as the economy reopened and in-person activities normalized. Even as inflation spiked, sentiment was lifted by low unemployment, minimum wage hikes, robust OFW remittances and 100% resumption of face-to-face classes. PGOLD’s sari-sari store customer base also gained further strength as one of the preferred retail channels in a year that saw robust demand amidst record fuel prices, commodity shortages and higher transportation costs, among others. PGOLD saw its net income rise in 2022 by 13.5% when compared to Php 8.2bn in 2021.

PGOLD consolidated net sales for 2022 was higher by 12.3% to Php 184.3bn driven by 6.6% full year SSSG and growth in new stores. In the second half of the year, despite surveys showing declining consumer expectations, Filipinos were not to be denied as early holiday spending and greater normalization of in-person activities unhindered by health protocols provided impetus for a sizzling fourth quarter as PGOLD topline grew 16.1% year-on-year on the back of 11.7% consolidated same store sales growth for that period. The company still sees continuous growth in its topline in the coming years due to country’s healthy underlying fundamentals, underserved demand and relatively raw retail landscape.

Full year Gross Profit of Php 33.8 billion grew at a faster clip by 12.4% year-on-year as operating expenses rose to Php 22.5bn - up 10.7% from a year ago. For the year, the company remained committed to keeping high inventory levels and increased its business activities due to expansion in more provincial areas. Gross Profit margins remained buoyant due to sales mix and collaborative business partnerships with suppliers as the group pushes to offer competitive prices to ease inflationary pressures for all customers. The increase in operating expenses was primarily attributable to higher employee costs, utilities expense and lease related charges partially offset by execution of productivity initiatives. Productivity initiatives bore fruit as operating expenses are lower as a percentage of sales in 2022 at 12.2% vs 12.4% in 2021.

The group opened 24 new Puregold stores and 6 S&R QSRs. As of end-2022, the Puregold group has a total of 525 stores nationwide. These include 452 Puregold stores, 22 S&R membership shopping warehouses, and 51 S&R New York Style QSRs.
Other Relevant Information

Please refer to the attached SEC 17-C Report of the Company
Filed on behalf by:
Name Candy Dacanay-Datuon
Designation Assistant Corporate Secretary / Compliance Officer