Phil­seven makes M in 9 months

Manila Bulletin - - Business News -

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)

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