MANILA – Convenience store operator Philippine Seven Corporation (PSC) on Thursday said it posted record net income in 2022.

In a statement, the Philippine operator of the 7-Eleven convenience store chain said its 2022 net income reached P2.06 billion--the highest ever in corporate history, and a significant turnaround from the P461 million net loss in 2021 and P419.7 million net loss in 2020.

System-wide sales, which represents the retail sales and service income of all corporate and franchise-operated 7-Eleven stores, also rose by 39.7 percent to almost P66 billion, the company noted.

Asked if customer spending is back to its pre-pandemic levels, PSC President and Chief Executive Officer Jose Victor Paterno said, “It’s far, far, far, above. That’s a pandemic habit that stuck.”

“People shop less frequently, but they buy more,” he noted.

PSC said there are now more than 3,393 7-Eleven convenience stores nationwide. Around 52 percent are corporate-owned, while 48 percent are franchise operated.

The company said it opened 353 new stores in 2022, while only 33 closed down.

• 7-Eleven opens 3,000th store; brings essentials near residential communities

The company said it opened more 7-Eleven stores in residential clusters outside Metro Manila to cater to the growing trend of remote work arrangements.

PSC said it wants to open up to 400 new stores in 2023, allotting P3.7 billion in total CAPEX for its continued expansion.

“I think our competitors--I sympathize with, our competitors have struggled because they overweighted in the (central business districts),” Paterno told a press briefing when asked about the competition in the convenience store industry.

“The CBD was very hard hit. We know that somehow during the pandemic,” he noted.

Paterno also said that they hope to increase their footprint in the fintech space.

• 7-Eleven eyes expansion in fintech, welcomes Marcos' no lockdown vow

“We are working with the new digital banks on projects for financial inclusion,” he said when asked about how the company wants to expand in the fintech landscape.

“Of course we’d be (proud) to play a role, of course we want people to say, ‘Oh I got onboarded to the formal financial, di na ako nag fa-5/6 kasi tinulungan ako ng 7-Eleven mag-connect sa bangko,’” he said.

The convenience store chain has placed 2,332 cash recycling ATMs in its stores nationwide, including 148 in Cebu and 82 in Davao.