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7-11 halts income decline as sales recover

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ABS-CBN News

MANILA - The operator of 7-11 convenience stores in the Philippines said Friday net income in the 3 months ending June was little changed as sales recovered.Philippine Seven Corp said it posted net income of P288.3 million in the second quarter from P290 million during the same period in 2016. In the first quarter, net income fell 13 percent year-on-year.Same store sales grew 1.2 percent, reversing the 2.5 percent decline in the first quarter, the company told the stock exchange.&quot;The focus of the organization going forward will be on increasing sales per store. There are various programs lined up covering expanding merchandise assortment and launching of new food and beverage items to serve as differentiation compared with other channels,&quot; it said.Philippine Seven has come under increasing competition from newcomers including Lawson and Family Mart of the Ayala Group, adding to the challenge from the Gokongwei family&#x27;s Mini Stop.as of June 30, Philippine Seven said it had 2,087 stores, up 20 percent from 1,740 during the same period last year. It opened 109 stores against 17 closures.

The operator of 7-11 convenience stores in the Philippines said Friday net income in the three months ending June was little changed as sales recovered.

The operator of 7-11 convenience stores in the Philippines said Friday net income in the three months ending June was little changed as sales recovered.