7-Eleven grows profit in the first half
Leading convenience store operator Philippine Seven Corp. (PSC) said it saw a 19.4-percent increase in its net income for the first six months of the year as a result of growth in its system-wide sales during the period.
The increase translated to a year-on-year earnings of P533.2 million.
In a disclosure to Philippine Stock Exchange, the company disclosed that the growth was supported by an increase in its system-wide sales, which rose by 22.7 percent year-on-year to P22.2 billion.
This was driven by the increase in the number of operating stores and better same-store sales growth.
For the second quarter alone, the company netted P342.7 million, higher by 18.9 percent than what it posted in the same period last year.
During the period, PSC built 299 stores across different parts of the country, bringing the total number of 7-Eleven stores in the Philippines to 2,386.