Philippine Seven Corp, the local operator of convenience chain 7-Eleven, says first quarter profit declined 12.2 per cent to 100 million pesos ($2.3 million).

Retail sales increased 6.6 per cent to 4.4 billion pesos ($100.8 million), however, expenses rose 7.5 per cent, offsetting the income.

The store count has expanded by 23.8 per cent to 1049 stores, of which 68 per cent are franchised. Philippine Seven plans to invest 2 billion pesos ($45.8 million) to fund expansion this year.

It is taking advantage of its partnership with Chevron to fast track its expansion in the Visayas and Mindanao, in line with the goal of doubling its stores to 2000 nationwide in the next three to four years.