The supermarket group is scaling profitably after a burst of store openings and acquisitions—but supplier payments, inventory build-up, and advances drained operating cash. In Philippine retailing, growth is often bought with rent, inventory, and patience. In the first quarter of 2026, Puregold Price Club showed that it could buy growth without sacrificing margins—at least on the income statement. The supermarket operator reported net sales of ₱58.8bn , up 12.1% from a year earlier, while net income rose 23.7% to ₱3.26bn . Earnings per share climbed to ₱1.14 , from ₱0.92 . The arithmetic was flattering: sales grew briskly, but profits grew faster. The improvement was broad-based. Gross margin rose to 20.1% , from 19.6% a year earlier. Operating margin improved to 8.1% , from 7.6% . Net margin rose to 5.6% , from 5.0% . For a grocer, where price competition is fierce, and cost inflation rarely sleeps, half a percentage point of gross-margin expansion is not trivial. Management cr...