PHILIPPINE Seven Corp., which holds the license to operate 7-Eleven stores in the Philippines, said net income in the first half jumped 73.8 percent to P1.55 billion from P890.41 million a year ago as improved customer mobility drove sales higher.
The company said this allowed it to build on the growth momentum that started in the middle of 2021, enabling it to reverse five straight quarters of decline due to the pandemic.
In a filing on Friday, it reported that revenues grew to P37.04 billion from P28.63 billion the year before while system-wide sales expanded by 28.2 percent to P38.7 billion from P30.18 billion.
Revenue from merchandise sales increased by 28.8 percent, to P33.03 billion from P25.65 billion, as same-store sales grew by 16.6 percent. The double-digit growth in same-store sales was attributed to a 14.6 percent increase in average customer count of mature stores.
Franchise revenue reached P2.9 billion at the end of June, up 40.2 percent from P2.06 billion in the comparable period last year.
“As for store count, currently by the end of the second quarter, we have 3,538 7-Eleven convenience stores nationwide,” the company said.
“There were more stores opened outside Metro Manila as economic recovery is seen happening in the provinces. At the current store count, 52 percent are corporate-owned, while 48 percent are franchise operated.”
New stores opened in the first half reached 152 while seven were closed, slower compared to the year-earlier 173 openings and five closures.
“Right now, store expansion is expected to ramp-up in the coming months,” the company said, adding that of the 400 stores it plans to establish this year, most will be outside of Metro Manila in line with its strategy of decentralized growth.
Philippine Seven shares were unchanged on Friday at P85.50 apiece.