Philippine Seven Q3 up on same store sales

PHILIPPINE Seven Corp. (PSC), global chain of convenience stores, said net income for the third quarter jumped 18 percent to P201.9 million on better store sales.

the company said same store sales grew 4.1 percent in the period, which reversed the 2.5 percent de and further improved from the 1.2 percent growth reported in the second quarter, bringing yearto-date same store sales growth to plus 0.1 percent.

billion, up by 18.1 percent from a year ago, on higher same store sales and the addition of 332 stores to its nationwide operation.

year, PSC reported net income of P648.3 million, up 0.8 percent from the P643.4 million recorded in the same period last year.

across the country compared to the 1,840 recorded in 2016, with located in Luzon.

The company said it would continue its store expansion plan with the allotted capital expenditure guideline of at least P3.5 billion for in new store opening, store renovation and equipment acquisition.

The company “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,” it said.

PSC added the focus would still be on increasing sales per store through boosting its merchandise assortment and with the introduction of new product offerings to its consumers.