Conscious Investing Today
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
Conscious Investing Today
No Result
View All Result
Home Politics News

7-Eleven’s Philippine operator posts Q4 profit but ends 2020 in the red

by
April 16, 2021
in Politics News
0
7-Eleven’s Philippine operator posts Q4 profit but ends 2020 in the red
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT

Listed convenience store operator Philippine Seven Corp. (PSC) reported its net income dropped by 78% to P165.6 million in the fourth quarter, and ended the year with a P419.7 million net loss due to the impact of lockdown restrictions.

In a disclosure to the stock exchange, the operator of 7-Eleven stores in the Philippines said its fourth quarter income was a reversal of the P196.6-million loss incurred in the third quarter after sales improved.

Philippine Seven swung to a full year net loss of P419.7 million in 2020 from a P1.44 billion profit in 2019, as consumer demand suffered amid the lockdown implemented to curb the coronavirus pandemic.

ADVERTISEMENT

For the October to December period, same-store sales jumped 14.3% versus the previous quarter as the government gradually eased restrictions on movement and allowed more businesses to operate. However, this was not enough to pull up the full-year same-store sales, which slumped by 18.4%.

System-wide sales declined by 23.4% in the fourth quarter to P12.03 billion, bringing the full-year total to P46.36 billion, down 17.7%.

The company said its stores saw a 41% reduction in average customer count per day in all of its stores.

Philippine Seven reported that it opened 174 new stores and closed 60 stores in 2020, ending the year with 2,978 7-Eleven convenience stores,

Philippine Seven said its plans of reaching its milestone of over 3,000 stores in early 2020 was disrupted by the pandemic.

“We put the brakes on expansion as early as April, continuing only where we had broken ground on construction, and in areas where competitors continued to expand, mostly the Greater Manila area,” Jose Victor P. Paterno, president and chief executive officer of Philippine Seven, said.

The company said the majority of the 7-Eleven stores are open 24/7, and the rest open during daytime. Less than 7%of the stores are temporarily closed.

Meanwhile, the company’s payments business accelerated amid the pandemic.

The 7-Eleven operator began installing cash-recycling ATMs in 7-Eleven stores in Metro Manila in February. A cash-recycling ATM can accept cash deposits and can dispense the same bills for withdrawals.

Philippine Seven plans on rolling out around 1,000 cash-recycling ATMs by the end of the year, hoping to make the system available in all of its stores “in the very near future.”

The company is also planning to expand its digital services after seeing growth in its online businesses compared to those offline during the period, especially in the payments business.

“Our financial performance has been abysmal, and when our profit and growth numbers will return depend on not just the pandemic and how the Philippines navigates its end, but on how quickly our online and offline pivots take root, if at all,” Mr. Paterno said.

On Friday, shares of Philippine Seven at the local bourse rose by 0.88% or P0.90 to close at P103 apiece. — K.C.G.Valmonte

Related Posts

Bank avails of P7.52-B rediscount loan
Politics News

Bank avails of P7.52-B rediscount loan

July 7, 2022
Reserves inch down to $101.983B at end-June
Politics News

Reserves inch down to $101.983B at end-June

July 7, 2022
Supreme Court upholds mayor’s authority to order disciplinary action vs council employee
Politics News

Supreme Court upholds mayor’s authority to order disciplinary action vs council employee

July 7, 2022
Next Post
Chelsea Logistics ready to take delivery of Japan-made vessel

Chelsea Logistics ready to take delivery of Japan-made vessel

Globe deploying 1-M fiber-to-the-home lines this year

Globe deploying 1-M fiber-to-the-home lines this year

SM Investments joins global sustainability campaign

SM Investments joins global sustainability campaign

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Categories

  • Economic Indicators
  • Editor's Pick
  • Investing Ideas
  • Politics News
  • Stock Analysis

Popular News

  • A Minute With: Family Reunion cast on relatable story lines

    A Minute With: Family Reunion cast on relatable story lines

    0 shares
    Share 0 Tweet 0
  • Twitter launches ‘Milk Tea Alliance’ emoji as movement grows

    0 shares
    Share 0 Tweet 0
  • Gas and car bills to soar under green revolution

    0 shares
    Share 0 Tweet 0
  • Level up your gaming experience with vivo Y20s [G]

    0 shares
    Share 0 Tweet 0
  • Rehab, expansion of General Santos airport seen completed by Q2

    0 shares
    Share 0 Tweet 0
No Result
View All Result

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Highlights

SSC-R Lady Stags eye Final Four slot

‘Breaking through the noise’

Century Pacific ventures into fish-free tuna

Bill granting 15 days’ paid leave for workers on caregiver duty refiled

Navarro signs with Seoul Samsung Thunders in KBL

SC affirms P51-M canceled tax assessment on Unisys

Trending

Bank avails of P7.52-B rediscount loan
Politics News

Bank avails of P7.52-B rediscount loan

by
July 7, 2022
0

BW FILE PHOTO A LONE BANK tapped the Bangko Sentral ng Pilipinas’ (BSP) peso rediscount window in...

Reserves inch down to $101.983B at end-June

Reserves inch down to $101.983B at end-June

July 7, 2022
Supreme Court upholds mayor’s authority to order disciplinary action vs council employee

Supreme Court upholds mayor’s authority to order disciplinary action vs council employee

July 7, 2022
SSC-R Lady Stags eye Final Four slot

SSC-R Lady Stags eye Final Four slot

July 7, 2022
‘Breaking through the noise’

‘Breaking through the noise’

July 7, 2022

Disclaimer: ConsciousInvestingToday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2021 ConsciousInvestingToday. All Rights Reserved.

No Result
View All Result
  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.