PhilSeven H1 income jumps 19.4% to P533M

PHILSEVEN Corp., the local licensee of convenience store chain 7-Eleven,

the year grew at a double-digit pace driven by higher same-store sales.

In a disclosure on Friday, Phil-

surged 19.4 percent to P533.2 million. Meanwhile, second- quarter profit was up 18.9 percent at P342.7 million.

P22.2 billion, driven by improved same-store sales and higher number of operating stores.

PhilSeven added 299 stores in

with 2,386 branches across the country with bulk of the stores located in Luzon.

“The new Train [ Tax Reform for Acceleration and Inclusion] law favorably affected sales by increasing customer count and average basket size. The lower personal income tax strengthened the purchasing power of the middle class and the excise tax on sugar- sweetened beverages increased selling price but no significant decline in volume occurred,” PhilSeven said.

The tax reform law took effect on January 1, 2018.

PhilSeven said it will continue its store expansion program by investing in existing and new markets. For this year, it has programmed P3.5 billion in capital expenditures.

“The capacity building expenditures on logistics assets and organizational capability have produced favorable results. The focus of the organization going forward will be on increasing sales per store,” the company said.

“There are various programs lined up covering expanding merchandise assortment and launching of new food and beverage items to serve as differentiation compared with other channels. The ecommerce business was launched to take advantage of growing customer preference towards innovation and convenience,” it added.

PhilSeven shares were up P4.80 at P125.30 per share on Friday.