Retail in Asia

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Philippine Seven Corp posts 28.4pc net income growth

Philippine Seven Corp., the country’s biggest convenience store operator, reported a 28.4 percent growth in its nine-month net income to PHP224.4 million (USD5.4 million), mainly driven by higher merchandise sales and franchise revenues.

Total revenues of the local licensee of the 7-Eleven chain of convenience stores grew 32 percent to PHP9.46 billion (USD230,282.37), while systemwide sales expanded 26 percent to PHP9.7 billion (USD236124.62) due to the increase in store base and improved average sales registered by mature stores.

New franchise operators boosted franchise revenues, which increased by 28 percent to PHP487.4 million (USD11.8 million). To date, franchise stores occupy 41 percent of total stores compared to 39 percent for the same period last year.

 

(Source: philstar.com)