7-Eleven Malaysia sales surge on store network expansion
7-Eleven Malaysia sales grew by 6.1 per cent in the first quarter of this year, largely on the back of 34 new store openings.
Total sales grew by US$8.2 million during the quarter to $142 million and profit attributable to shareholders rose by 1.9 per cent to $2.6 million. Same-store sales were up 1.9 per cent.
CEO Colin Harvey said the company’s strategic roadmap of strengthening assortment, supply chain, operational excellence, store base and digitally enabling the organisation continues to bear fruit.
“Despite challenging conditions ahead due to the Covid-19 pandemic, our continuous discipline in executing our strategy roadmap as well as leveraging and seeking out opportunities from our recent corporate acquisitions whilst remaining flexible to adapt to market changes shall ensure that 7-Eleven remains the nation’s preferred convenience store choice,” he said.
The company’s revenue growth was driven by new stores, higher same store sales and better consumer promotion activity. Revenue from fresh food grew by more than 13 per cent and from tobacco by more than 7 per cent.
Despite the strong first quarter, Harvey says the group will be impacted by the Covid-19 crisis with stores in its malls closed and others operating under restricted hours during the country’s Movement Control Order.
7-Eleven Malaysia now has 2419 stores zacross Malaysia.