PHILIPPINES Seven Corp. (PSC), Filipino licensor of 7-Eleven, ended 2021 with a 3.4% increase in revenue despite the outage caused by the pandemic.
At its Annual Shareholders’ Meeting on Thursday, PSC reported gross sales of £ 45.4 billion in 2021, higher than the 2020 figure of £ 44.1 billion.
It also recorded a total of £ 448.2 million in operating income and a slightly higher net loss of £ 461.0 million in 2021, due to a one-off charge under the Business Recovery and Tax Incentives Act. for companies (Create) on the deferral of tax assets.
Despite the loss, the easing of mobility restrictions in late 2021 helped boost the company’s same-store sales growth to 8.5% by the fourth quarter. System-wide sales increased 1.8% to £ 47.2 billion last year.
The company attributes this growth to its various key initiatives such as the expansion of the store into residential areas, its growing in-store payment service, and the introduction of in-store ATMs with a cash launderer.
“Despite the numerous economic challenges of the Covid-19 pandemic, we are delighted to end 2021 on a positive note despite our losses. We believe the company’s results validate our commitment to meeting the needs of ever-changing customers.” Jose Pardo, chairman of the PSC board and independent director, said.
PSC reported that its operating cash flow increased by 62% and a reduction in residual debt by 22%. These developments create an optimistic outlook for 2022, with 164 new stores opening in 2021 despite the ongoing pandemic. PSC ended the year 2021 with 3,073 stores nationwide.
“In 2020, we saw how work-from-home arrangements impacted our stores in various central business districts. We orientated ourselves in mid-2020 and 2021 and pursued new store openings in residential areas to meet the needs of retailers. hybrid workers, “Jose Victor Lo said Paterno, president and CEO of PSC. “We had net openings of just four stores in Metro Manila in 2021, up from 73 in the rest of Luzon, and we will continue to bet this way until we see more evidence of resurgence in the cities,” he added.
“Regardless of the circumstances, PSC is committed to continuing to be at the forefront of convenience services. With all these developments, I believe the company has been able to revamp the convenience store concept, while staying true to the good time-tested brand. will linked to our 7-Eleven name. We will use our knowledge during the pandemic as we consolidate our position in this sector, “reiterated Pardo.
Shares of PSC closed lower on Thursday with its share down by P0.50 from its previous close at P63.00 per share.