Listed convenience store operator 7-Eleven Malaysia says sales soared 23.7 per cent in the first quarter, prior to the April 1 introduction of GST.

And the company, in a statement to the stock exchange, expressed optimism in its immediate prospects despite a general softening of the retail market since the implementation of GST.

“We are confident about the future growth prospects for the remaining period of the current financial year as we are confident of holding onto our market leading position while our new store expansion plan remains on track.”

7-Eleven Malaysia reported a profit of RM14.38 million (US$3.93 million). The growth was attributed to sales growth, a 1.9 per cent improvement in gross profit margin and a 14.8 per cent growth in other operating income.

Revenue for the quarter rose 11.5 per cent to RM504.99 million ($137.9 million), largely due to store network expansion and an improved merchandise mix.

7-Eleven Malaysia now has more than 1500 stores nationwide.