7-Eleven operator says Q3 net income up 7.5%

Philippine Seven Corp. (PSC) saw its bottom line expand by 7.5 percent higher sales from more stores in the third quarter of the year.

The company holds the Philippine area license to operate 7-Eleven stores. It is in the business of dealing in all kinds of grocery items, dry goods, food or foodstuff, beverages and all kinds of consumer needs.

In a filing on Thursday, PSC reported a net income of P171.0 million in July to September, up from P159.1 million a year earlier.

System-wide sales rose by 19.1 percent at P7.545 billion from P6.335 billion, while EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 15.6 percent to P599.5 million from P518.7 million.

In the nine months to September, the company said net income grew by 24.8 percent at P643.4 million from P515.5 million.

System-wide sales in January to September totaled P23.005 billion, up 24.4 percent from P18.489 billion year-on-year, while EBITDA gained 24.7 percent at P1.938 billion from P1.554 billion.

"The increase in sales can be attributed to the higher number of operating stores, which rose by 24.4 percent or by 361 stores. In addition, same-store sales went up by 2.5 percent during the nine-month period," the company said.

The company currently has 1,840 stores nationwide – 1,537 in Luzon, 218 in Visayas, and 85 in Mindanao.

More than half or 56 percent are franchised stores, while 44 percent are corporate stores. — Jon Viktor Cabuenas/VDS, GMA News