PHILIPPINE Seven Corp., the franchise holder of 7-Eleven convenience stores in the Philippines, saw its net income climb 24.8 percent in the first nine months of the year on the back of strong store sales and new stores opened.
In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, the company said its January to September net income rose to P643.4 million from P515.5 million in the same period last year.
System-wide sales, which refer to overall earnings from new and existing stores, likewise improved by 24.4 percent from a year ago to P23 billion.
For the third quarter alone, profit went up 7.5 percent to P171 million while system-wide sales rose 19.1 percent to P7.5 billion.
Philippine Seven added 361 stores in the January to September period, bringing its outlet count to 1,840, of which 56 percent are franchised stores and 44 percent are company-owned.
A total of 1,537 of the stores are in Luzon, 218 in the Visayas, and 85 in Mindanao. The company opened 106 stores in the third quarter alone and closed six.
The company allotted P3.5 billion for capital spending this year, up from P3 billion last year, to fund new store openings, store renovations, and equipment acquisitions.
Philippine Seven operates the leading 7-Eleven convenience store chain in the Philippines after acquiring the license to operate from Southland Corp. (now Seven Eleven Inc.) of Dallas, Texas in December 1982. It was listed on the PSE on February 4, 1998.