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.