MANILA -- Grocery retail firm Puregold said its consolidated net income jumped 21.3 percent to P10.4 billion in 2024, from the P8.6 billion seen in 2023.

The company said this is because of strong sales and improvement in the gross margins for the S&R business.

The Lucio Co-led firm said consolidated revenues climbed 10.1 percent to P219.17 billion from P199 billion the year before.

“Our company has delivered record-breaking earnings, demonstrating resilience and strong performance even in the face of challenging market conditions," said Puregold Price Club Inc. President Ferdinand Vincent Co.

Co said the firm is aggressively expanding in terms of the number of its stores nationwide this year, with a focus on key provincial markets.

Puregold said it opened 26 new Puregold stores, 4 S&R Membership Shopping Warehouse, and 8 S&R New York Style quick service restaurants in 2024. This brinfs its total store footprint to 602 nationwide.

Puregold net income up 12.5 pct in first half of 2024