Philippines 7-Eleven reverses losses in H1

Its net income reached P890.4m in the first six months.

Philippine Seven Corporation (PSC) recorded a net income of P890.4m in the first six months of the year, reversing the P402.9m loss it incurred in the same period in 2021. 

The company’s 2022 H1 performance also grew 85% higher than its first-half net income in 2019. 

Over the same period, the PSC saw its store count grow by 7.9% to 3,241; whilst its same-store sales went up by 27.6%. This also drove its system-wide sales to climb by 35.9% to P30.2b.

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The company linked this to the reopening, increase in food service sales and election related spending. 

“Service income more than doubled compared with pre-pandemic level, mainly due to growth in e-wallets cash-in and bills payment transactions,” Jose Victor Paterno, PSC President and CEO, said.

“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.”