Higher store sales lift 9-month profit of 7-11 licensee by 10%

By Leslie D. Venzon

MANILA, Nov. 10 (PNA) — Philippine Seven Corp. (PSC), the local licensee of 7-Eleven Convenience Stores, posted a 10.1-percent surge in profit in first nine months of 2015 on the back of higher sales from corporate and franchise-operated stores.

PSC ended the third quarter with a total of 1,480 stores all over the country, up by 26.6 percent compared with same period last year.

The company achieved another milestone after opening stores in Davao City and Cagayan de Oro.

President and chief executive officer Jose Victor Paterno said the company would operate 10 warehouses by year-end throughout the country.

“We wager that first movers, especially on islands that cannot sustain more than one or two warehouses, will be rewarded with unusually dominant share (at 90 stores, we have over 80-percent share in Cebu), and that BPO (business process outsourcing) trends will continue to drive growth in the remote urban areas of Luzon and the islands,” he said.

For this year, the company will be increasing its capital expenditures budget by more than 50 percent to Php3 billion to support its accelerated store expansion strategy.

Bulk of the amount is allocated to new store opening, store renovation and warehouse expansion. (PNA)