7-ELEVEN Group has announced a notable 4.3% rise in revenue from its convenience stores segment, reaching RM684.2 million in the first quarter of 2024. This marks an increase of RM28.2 million compared to the corresponding quarter last year. The Group’s Profit After Tax (PAT) from continuing operations also saw a substantial rise, reaching RM12.1 million, up by RM1.4 million or 13.2%.
The growth in revenue is primarily attributed to an uptick in customer footfall and enhanced product offerings during the quarter. Notably, the Convenience Stores segment performed robustly with a significant increase in revenue, driven by expanded operations and increased store count.
Operating Expenses rose by RM20.7 million, marking a 10.2% increase, mainly due to extended operating hours and the addition of 88 net new stores, bringing the total store count to 2,581. The Group also expanded its workforce to accommodate business growth demands.
The introduction of 189 new 7-Café store formats was a highlight of the quarter, boosting total 7-Café stores to 305. These outlets have proven to be highly productive, particularly in fresh food sales, surpassing classic store formats.
Looking ahead, amidst geopolitical tensions and rising living costs exacerbated by the recent Sales and Services Tax increase in March 2024, the Group remains focused on navigating challenges and capitalizing on opportunities. With a strong emphasis on expanding the 7-Café format to enhance customer experience and drive fresh food sales growth, strategic initiatives are set to include new store openings outside the Klang Valley and targeted expansions in high-potential areas.
Regarding its Indonesian pharmaceutical business, collaboration with joint venture partners remains pivotal, focusing on strategic growth plans, product range enhancements, and consumer-centric operations.
