PHILIPPINE Seven Corp., the local licensee of the 7-Eleven global chain of convenience stores, announced on Tuesday that its net income for the first nine months of the year grew 10.1 percent to P515.5 million from the P468.3 million recorded in the same period of last year.
In a disclosure to the Philippine Stock Exchange, PhilSeven said that the improved financial performance of the company was largely driven by the increase in sales of all corporate and franchise-operated stores, which posted a growth of 24.8 percent to P18.4 billion.
PhilSeven said it currently has a total of 1,480 stores all over the country as of the third quarter of 2015.
It noted that retail sales of all stores during the nine-month period went up by 24.8 percent to P18.4 billion from the P14.8 billion recorded in the same period of last year.
PhilSeven president and CEO Jose Victor Paterno said that the company will be operating 10 warehouses by the end of the year.
“We wager that first movers, especially on islands that cannot sustain more than one or two warehouses, will be rewarded with unusually dominant share, and that BPO trends will continue to drive growth in remote urban areas of Luzon and the islands,” said Paterno.
The company also said that it will be increasing its capital expenditure budget by more than 50 percent to P3.0 billion for this year, to be able to support its accelerated store expansion strategy.
PhilSeven also noted that bulk of the increased capex budget will be allocated to new store opening, store renovation and warehouse expansion.