7-Eleven’s net profit increases 11% in Q2

27 Aug 2019 / 20:15 H.

PETALING JAYA: 7-Eleven Malaysia Holdings Bhd reported a net profit of RM14.59 million for the second quarter ended June 30, 2019, an 11.1% increase from RM13.13 million recorded in the same quarter of the preceding year.

The higher earnings were driven by a favourable sales mix, higher marketing income and improved logistics expenses recovery, partially offset by higher operating expense from new stores expansion, minimum wages and utilities expenses.

Its revenue was up 5.6% to RM588.78 million from RM557.63 million previously.

For the first half of the year, 7-Eleven’s net profit rose 16.6% to RM25.73 million against RM22.07 million reported in the same period last year, with revenue growing 7.2% to RM1.17 billion from RM1.09 billion.

The group told Bursa Malaysia that it expects trading conditions to remain challenging in the next quarter and it will continue to focus on its customers’ needs, pursuing its core strategy pillars of operational excellence, cost management and commercial innovation.

In addition, 7-Eleven aims to refresh its brand in the mind of customers though refreshed stores, innovations in pricing, promotions and developing exciting products.

“We are confident that continuous implementation and improvement of our strategy roadmap in strengthening the key areas of assortment, supply chain, operational excellence, store base and digitally enabling the organisation will continue to deliver positive results despite challenging headwinds as we look forward to ensuring that 7-Eleven remains as Malaysian consumers preferred convenience store brand,” said its CEO Colin Harvey.

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