PHILIPPINE Seven Corporation, the local licensee of 7-Eleven convenience stores, said its net income last year rose 16.6 percent to P1.18 billion from P1.01 billion in 2015, driven by new store openings and higher same-store sales.
In a disclosure to the Philippine Stock Exchange on Tuesday, PSC said retail sales of all its stores jumped by 23.2 percent to P31.8 billion last year from P25.8 billion in the previous year.
New stores opened and a 1.2 percent growth in same-store sales for the whole year boosted retail sales, according to PSC.
“We aim to further expand our product offering, remodel existing stores and implement our market development plan over the next five years to enable us to achieve new milestones,” the company said in a statement.
“For this year, the Company will be setting its capital expenditures budget to at least P3.5 billion to support its store expansion strategy. Bulk of the said amount is allocated to new store opening, store renovation and equipment acquisition,” it said.
PSC is the local licensee of the 7-Eleven chain of convenience stores in the Philippines, acquiring the license from Seven Eleven Inc. in Dallas, Texas. Its store count hit 1,995 by the end of 2016, up by 393 stores from the 1,602 recorded in 2015.
About 82 percent or 1,633 of these stores are based in Luzon, while the Visayas and Mindanao regions have 255 and 107 stores, respectively.
“We shall take advantage of the improving company and changing consumer preference towards innovation and convenience, and this shall serve as our guide in the continued pursuit of our vision of becoming the best retailer of convenience for emerging markets,” the company said.