7-Eleven Philippines sales soar
Sales at 7-Eleven Philippines stores soared in the first nine months of the current financial year.
And so did profits.
Parent, listed company Philippine Seven Corporation, which holds the local licensee for 7-Eleven, has told the stock exchange profit rose 24.8 per cent to P643.4 million for the first nine months of 2016. And retail sales of all stores totaled to P23.0 billion, up by 24.4 per cent year-on-year.
“The increase in sales can be attributed to the higher number of operating stores, which rose by 24.4 per cent or by 361 stores. In addition, same store sales went up by 2.5 per cent during the nine-month period,” PSC said.
At the end of the period, the company had a nationwide network of 1840 stores: 1537 in Luzon, 218 in Visayas and 85 in Mindanao. Of those, 56 per cent are franchised, the rest company-owned.
More stores are planned.
“The company aims to widen its lead over the competition by continuing its expansion program in existing and new markets. PSC shall capitalize on its first-mover advantage and increasing scale in maintaining its dominant position in the convenience store sector,” it said in its results announcement.