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7-Eleven Malaysia boosts profit despite plunging sales

Despite falling convenience-store sales 7-Eleven Malaysia has recorded a 19.1-per-cent increase in post-tax profit during the first quarter. 

The company, which also owns the Caring pharmacy chain, said movement control orders related to the Covid-19 pandemic saw convenience store sales plunge by 27.5 per cent. However, lower labour costs due to a freeze on hiring, reduced shrinkage and lower utility, rent and maintenance costs saw overheads fall by 24.8 per cent. 

Total group profit for the quarter was US$3.26 million, up from $2.75 million a year ago. 

The company said in a statement that it expected trading conditions to continue to be influenced by the reintroduction of Malaysia’s MCO 3.0 from this month and progress of the National Covid-19 Immunisation Program. 

“The group will continue to explore opportunities for growth in other channels and innovation in our product offerings.”

The company plans to continue to refresh the 7-Eleven and Caring brands through store refurbishments, pricing innovation, promotions, and product development. 

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