Monday, July 16, 2018
  • share this

7-11 income as of Sept. surges to P643.4M

/ 12:26 AM November 11, 2016

Leading convenience store operator Philippine Seven Corp. grew its nine-month net profit by 24.8 percent year-on-year to P643.4 million on higher retail sales from its expanded store network.

In a disclosure to the Philippine Stock Exchange on Thursday, the local licensee of the 7-Eleven store network reported that retail sales of all stores went up by 24.4 percent to P23 billion.

Higher sales were driven by the opening of new stores and 2.5 percent year-on-year growth in same-store sales.


Store count by the end of September reached 1,840, up by 361 or 24.4 percent from 1,479 during the same period last year. There were 106 new stores added in the third quarter as against six closures.

The number of 7-Eleven stores in Luzon is pegged at 1,537, Visayas at 218 and Mindanao at 85.

Net margin for the nine-month period eased to 3.1 percent from 3.3 percent in the same period last year.

In recent years, new competitors have entered the convenience store space.

“The company aims to widen its lead over competition by continuing its expansion program in existing and new markets,” PSC said in a press statement on Thursday. “PSC shall capitalize on its first-mover advantage and increasing scale in maintaining its dominant position in the convenience store sector.”

Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: 7-11, Business, economy, income, News
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2018 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.