Philippine Seven Q3 up on same store sales

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PHILIPPINE Seven Corp. (PSC), the local licensee of the 7-Eleven global chain of convenience stores, said net income for the third quarter jumped 18 percent to P201.9 million on better store sales.

In a filing to the local bourse, the company said same store sales grew 4.1 percent in the period, which reversed the 2.5 percent decline registered in the first quarter and further improved from the 1.2 percent growth reported in the second quarter, bringing year-to-date same store sales growth to plus 0.1 percent.

System-wide sales reached P27.2 billion, up by 18.1 percent from a year ago, on higher same store sales and the addition of 332 stores to its nationwide operation.

For the first nine months of the year, PSC reported net income of P648.3 million, up 0.8 percent from the P643.4 million recorded in the same period last year.

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PSC currently has 2,172 stores across the country compared to the 1,840 recorded in 2016, with 1,739 7-Eleven establishments located in Luzon.

The company said it would continue its store expansion plan with the allotted capital expenditure guideline of at least P3.5 billion for 2017, which would be used to invest in new store opening, store renovation and equipment acquisition.

The company “continues to invest in opening new stores in existing and new markets even if competition had slowed down. The capacity-building expenditures on logistics assets and organizational capability have produced favorable results,” it said.

PSC added the focus would still be on increasing sales per store through boosting its merchandise assortment and with the introduction of new product offerings to its consumers.

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