7-Eleven announces strong Q1 earnings growth

PETALING JAYA: 7-Eleven Malaysia Holdings Bhd's net profit for the first quarter ended March 31, 2015 (Q1) rose 23.7% to RM14.38 million from RM11.63 million a year ago, driven mainly by the sales growth, gross profit margin expansion and growth in other operating income.
The group's revenue for the current quarter of RM505 million grew 11.5% against the corresponding quarter's revenue in the previous year of RM453.1 million. The growth in revenue was driven by the growth in new stores, improved merchandise mix and consumer promotion activity.
"The strong Q1 results reflect positive growth in both revenue and profits driven by the on-going execution of our strategy. Expansion of our network through new stores, on-going store refurbishment, exciting shopper promotion activity, improved merchandise mix, enhanced fresh food & beverage offerings and expanded in-store services have all contributed to the robust results," said CEO Gary Brown in a statement yesterday.
"The board of directors is of the view that despite a general softening in the retail market since the Goods and Services Tax implementation on April 1, 2015, we are confident about the future growth prospects for our group for the remaining period of the current financial year as we are confident of holding onto our market leading position while our new store expansion plan remains on track."