PHILIPPINE Seven Corp., the operator of 7-Eleven convenience stores, reported that it completed 161 new stores in the first semester, surpassing half of its target 300-store network expansion in 2022.
By the end of the first half, the number of 7-Eleven stores reached 3,241 — 1,057 in Metro Manila, 1,402 in Luzon (outside Metro Manila), 464 in the Visayas, and 318 in Mindanao.
“Shopping close to home will be the trend that will persist,” Philippine Seven’s President and Chief Executive Officer Jose Victor P. Paterno said at the Philippine Stock Exchange STAR Investor Day on Thursday, “the smaller the store, the closer to home, the better.”
Mr. Paterno said that stores in the Visayas-Mindanao region had been expanding faster and would continue to do so.
The company also reported that as of July 31, the number of its 7-Bank automated teller machines (ATMs) rose to 1,854 or 946 machines short of its target in 2022.
These cash recycler ATMs allow 7-Eleven store operators to deposit the money they get from store sales that the machine “recycles” to fund the withdrawals of its customers.
“[This] reduces cash handling risks and allows immediate usage of funds,” the company said.
In the second quarter, Philippine Seven reported an attributable net income of P691.28 million, reversing the P103.24-million net loss last year.
Its systemwide sales registered a growth of 49.8% to P16.62 billion in the second quarter from P11.1 billion a year ago.
Year to date, the company’s net income was up to P890.41 million, turning around from last year’s net loss of P402.9 million, while systemwide sales climbed by 35.9% to P30.18 billion from P22.2 billion last year.
On the stock market on Friday, Philippine Seven shares declined by 3.31% or P2.50 to P73 apiece. — Justine Irish D. Tabile