7-Eleven Philippines posts P1.18B net income in 2016, up 16.6%

Philippine Seven Corp., the operator of 7-Eleven stores in the country, saw its net income grow by 16.6 percent to P1.18 billion in 2016 from P1.01 billion a year earlier.

Retail sales of all stores, or system-wide , stood at P31.8 billion, up 23.3 percent from P25.8 billion, the company told the Philippine Stock Exchange.

"The increase in sales can be attributed to the higher number of operating stores, which rose by 24.5 percent or by 393 stores to end 2016 with 1,995 stores all over the Philippines," the company noted.

According to PSC, there are 1,633 7-Eleven stores in Luzon, 808 of which are in Metro Manila. In the Visayas there are 255 stores and 107 in Mindanao.

Franchisees control 55 percent of the stores while 45 percent are corporate-owned.

Philippine Seven has earmarked P3.5 billion in capital expenditures this year, the bulk of which would finance new store openings, store renovation and equipment acquisition. — Ted Cordero/GMA News