The Philippine licensee of 7-Eleven stores swung into the black in the six months through June with net income surpassing pre-Covid levels on robust sales helped by improved mobility and elected-related spending.
Paterno-led Philippine Seven Corp. (PSC) posted a net income of P890.4 million in the first semester, reversing the P402.9 million loss incurred in the same period a year ago.
PSC’s first half profit is already 83.5 percent above the company’s P405.1 million earnings in the same period in 2019.
System-wide sales or retail sales of all stores rose by 35.9 percent to P30.2 billion. Same store sales grew 27.6 percent, driven by higher food service sales and election related spending.
PSC president and CEO Jose Victor Paterno said “service income more than doubled compared with prepandemic level, mainly due to growth in e-wallets cash-in and bills payment transactions.”
“Payments and services are an important source of traffic and revenue in other major convenience chains. This is an integral part of our CLiQQ digital ecosystem strategy, which also includes loyalty, e-wallet, and ecommerce,” he added.
The number of operating stores increased by 7.9 percent to 3,241 while new stores added reached 173 against only five closures.