THE listed Philippine operator of 7-Eleven convenience stores incurred a net loss of P299.66 million in the first quarter, a reversal of the P103.82-million profit generated in the same period last year as pandemic restrictions continued to drag sales down.
Philippine Seven Corp. said in a regulatory filing on Friday that system-wide sales amounted to P11.11 billion for the period, 21.4% lower than the P14.13 billion seen last year due to a 20.1% decline in same-store sales.
“The company aims to grow sales by expanding product assortment and launching sales promotions,” it said.
System-wide sales cover retail sales and commission income from all 2,981 corporate-owned and franchise-operated 7-Eleven convenience stores.
Franchised-stores make up for 55% of the total stores, while 45% are corporate-owned.
“Out of 2,981 stores, most are operating 24/7, only less than 10% are temporarily closed and the rest are open during daytime by the end of the first quarter,” Philippine Seven said.
It launched 65 new stores during the period, which bumped up the total number of stores by 2.2% from last year’s 2,916.
“The company shall be ramping up store expansion to respond to competition and anticipate gradual reopening of the economy,” Philippine Seven said.
On Friday, Philippine Seven shares at the local bourse went down by 0.27% or 30 centavos to close at P110.20 each. — Keren Concepcion G. Valmonte