Philseven makes M in 9 months
Philippine Seven Corporation (PSC), the local licensee of 7-Eleven Convenience Stores, reported a slight improvement in net income to R648.3 million in the first nine months of 2017 compared to R643.4 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said net income increased by 18.0 percent in the third quarter due to a 4.1 percent growth in same store sales.
This reversed the 2.5 percent decline registered in the first quarter and further improved from the 1.2 percent growth reported in the second quarter. This brought year-to-date same store sales growth to plus 0.1 percent.
Retail sales of all stores (or system-wide sales) totaled to R27.2 billion, up by 18.1 percent compared with the level set in the same period in 2016.
The increase in sales can be attributed to the improvement in same store sales and higher number of operating stores, which rose by 18.0 percent or by 332 stores to end the quarter with 2,172 stores all over the Philippines.
PSC ended the third quarter with a nationwide store count of 2,172 stores. There were 1,739 7-Eleven stores in Luzon (856 of which are in Metro Manila), 288 in Visayas and 145 in Mindanao.
Franchisees control 54 percent of all stores while the remaining 46 percent are corporate-owned.
The Company remains on track when it comes to pursuing its store expansion program. It continues to invest in opening new stores in existing and new markets even if competition had slowed down.
The capacity-building expenditures on logistics assets and organizational capability have produced favorable results. (JAL)