By MST Business | Nov. 10, 2014 at 10:01pm
Philippine Seven Corp., operator of 7-Eleven convenience stores in the country, said Monday net income increased 8.5 percent to P468.3 million in the first nine months from P431.4 million in the same period last year.
“This can be attributed to the improvement in same store sales and continued store expansion all over the country,” Philippine Seven said in a disclosure to the stock exchange.
Retail sales of all stores during the nine-month period climbed 18.1 percent to P14.8 billion from P12.5 billion in 2013. Store count grew by 24.8 percent to 1,169 stores as of end-September, with franchisees accounting for 66 percent of the total.
The company said sales growth in third quarter accelerated 25.7 percent from 14.5 percent at the end of the first half bringing year-to-date growth to 18.1 percent. This was driven by the opening of 169 new stores during the nine-month period and the recovery in sales generated by mature stores.