PHILIPPINE Seven Corp. (PSC), the local licensee of the 7-Eleven global chain of convenience stores, said on Friday it is targeting to generate P6 billion worth of sales this year as it rolls out more new stores.
PSC President and Chief Executive Officer (CEO) Jose Victor Paterno said the company is targeting to open 400 new stores within the year, which translates to P3.5 billion in capital expenditure.
Of the said amount, the company will also earmark a portion for the renovation of 100 existing stores.
“We’re still slated to open 400 new stores this year—the same number of stores since last year,” Paterno told reporters on the sidelines of the company’s stockholders’ meeting.
“Half of them will be in Visayas-Mindanao. Mindanao is growing the fastest in terms of percentage because it’s just new. Visayas is the second fastest and Luzon is the last. But Metro Manila is still growing,” he added.
“We expect above average growth to continue in both regions as we continue to fill in our footprint in the islands,” Paterno said.
PSC grew in the Visayas region to 255 stores and in Mindanao to 107 stores.
As of June 2017, the company has 2,071 stores. It marked the milestone opening of its 2,000th store last March.
PSC also established new distribution centers, warehouses, and regional headquarters last year to expand logistics capacity amid their ongoing expansion.
The company reported net income of P1.2 billion for 2016, up from the P1 billion reported in 2015, driven by strong performance amid the continued expansion and higher retail sales.
“Moving forward, 7-Eleven will continue to be a part of everyone’s neighborhood as PSC aims to further expand their product offerings, remodel existing stores, and implement their market development plan over the next five years to enable the achievement of new milestones,” the company said.
PSC is a publicly listed company which was registered with the Securities and Exchange Commission (SEC) in November 1982.
It acquired from Southland Corporation (now Seven Eleven Inc.) of Dallas, Texas the license to operate 7-Eleven stores in the Philippines in 1982. It listed on the Philippine Stock Exchange on February 4, 1998.