PHILIPPINE Seven Corp. (PSC), operator of 7-Eleven convenience stores in the country, on Monday said its net income for the first six months of the year rose by nearly a third from a year ago, boosted by strong election-related spending and more stores.
In a disclosure to the Philippine Stock Exchange, the company said net earnings in the first half grew 32.5 percent from a year ago to P472.3 million driven by strong growth in retail sales, which jumped 27 percent to P15.5 billion.
“The improved financial performance was boosted by election-related spending in the first quarter and continued up to the second quarter,” Philippine Seven told the local bourse.
The convenience store operator also attributed the strong performance to the higher number of its operating stores, which increased by 24 percent or an additional 335 stores.
As of end-June 7-Eleven has 1,740 stores, of which 1,474 are in Luzon, 203 in the Visayas and 63 in Mindanao.