Philippine Seven Corp., the operator of 7-Eleven convenience stores in the country, posted a net income of P1.32 billion in 2017, up 12.1 percent from P1.18 billion in 2016 on the back of an increase in the number of operating stores.
In a regulatory filing submitted to the Philippine Stock Exchange on Wednesday, Philippine Seven said retail sales of all stores rose by 18.2 percent to P37.5 billion from P31.8 billion in 2016.
“This was mainly driven by the increase in the number of operating stores,” the company said.
Philippine Seven said its total store count by the end of 2017 reached 2,285, up by 290 or 14.5 percent from 1,995 in 2016.
Of the total stores number, 54 percent are franchise-operated and 46 percent are company-owned.