May 11, 2016
MANILA – The Philippine operator of 7-Eleven convenience stores said Wednesday its first quarter profits surged 61.6 percent on the back of election-related spending and sales from new stores.
Philippine Seven Corporation (PSC) told the stock exchange that its net income in the January to March period grew to P182.4 million from the P112.9 million posted in the same period last year.
“The improved financial performance was within expectation as the company’s profitability is historically favorable during election years,” the company said.
Retail sales of all stores jumped 33.5 percent to P7.3 billion from P5.5 billion a year ago driven by opening of new stores and increase in same store sales, which was largely attributed to election-related spending.
As of end-March, there are 1,655 stores nationwide, 55 of which were opened in the first quarter. There are 1,421 7-Eleven stores in Luzon, 189 in Visayas and 45 in Mindanao.
Philippine Seven shares were up 1.85 percent to P110.00 in noon trading.