Philippine Seven Net Profit Rise by 61.6%

The Philippine operator of 7-Eleven convenience stores is drawing strength from spending related to the recent elections. Net profit has risen upwards to 61.6% for the first three months of the year. System-wide sales surged by 33.5%. The PSC attributed the growth to new store openings.

Same-store basis growth ranged from 7% to 9% compared to the 3% to 4% minus any impact from the elections. The store’s network increase by almost a fourth, with 1,655 stores at the end of March, after launching 55 new stores and closing two outlets. The company operated 1,421 stores in Luzon, 189 in Visayas, and around 45 in Mindanao.

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