7-Eleven Philippines profit soared nearly 20 per cent in the first six months of this year.
Philippine Seven Corp, the local licensee of 7-Eleven convenience stores, posted a profit of P533 million for the period, 19.6 per cent more than the same time last year, despite an increase in commodity prices.
Philippine Seven said the new Tax Reform for Acceleration and Inclusion introduced during the period increased customer numbers and their average spend.
Lower personal income tax increased shoppers’ purchasing power, while the excise tax on sugar beverages increased selling prices without impacting on sales volumes.
The 7-Eleven Philippines chain is the largest convenience store network in the country, with 2386 trading – an increase of 299 over six months. Total network sales reached P22.2 billion during the period, up 22.7 per cent year on year.
While same-store sales rose, the main driver of growth was a 14 per cent increase in the number of stores operating. More openings are planned on the months ahead.
Source: Inside Retail Phillipines.