February 24, 2013

7-Eleven Sets Aside P2 B for Expansion; Optimistic About Sin Tax

Philippine Seven Corp.plans to spend P2 B for expansion this year, the highest capital expenditures budget set by the firm so far.The firm which has over 800 stores at present is planning to increase its presence to hit 1,000 stores this year.

The firm is also optimistic this year as the implementation of the Sin Tax Reform Law, which raised the taxes on alcohol products and cigarettes, has supported its sales. As of September last year, the firm’s net income reached P224.4 M, 28.4% higher than in the same period in 2011.

"We’re investing a lot this year. We’re doubling our business. Our capex budget is P2 billion." Said Philippine Seven Corp. president Jose Victor Paterno. He also expects that 2013 will be a good year for the firm because of the expansion.

a total of 1000 stores will be the target for this year from the current 800 stores nationwide.

"We intend to hit our 1,000th store sometime in the fourth quarter. Hopefully earlier rather than later," he added.

Related News: http://www.philstar.com/business/2013/02/25/912746/7-eleven-sets-aside-p2-b-expansion