7-Eleven expects economy to be driven by resilient domestic spending


PETALING JAYA: 7-Eleven Malaysia Holdings Bhd expects the local economy to be driven mainly by resilient domestic spending, supported by sustained growth in employment and wage growth.

In a filing with Bursa Malaysia, the company said tourist arrivals and spending are expected to improve further.

“In this regard, the group will remain vigilant and is dedicated to implementing necessary measures to navigate effectively through these headwinds and opportunities.”

In the first quarter ended March 31, 2024, 7-Eleven’s net profit dipped to RM12.84mil from RM15.68mil in the previous corresponding period, while revenue rose to RM684.21mil from RM655.98mil a year earlier.

The company said operating expenses increased by RM20.7mil or 10.2%, primarily due to higher store operation-related expenses that was driven by longer operating hours and the addition of 88 net new stores, bringing the total number of stores to 2,581.

“An expansion in our workforce to meet anticipated business demands also contributed to this increases.

During the quarter, 7-Eleven said it successfully rolled out 189 new 7-Café store formats, bringing the total count to 305 7-Café stores.

“It is encouraging to note that these 7-Cafés have proven to be more productive with higher fresh food sales participation compared to classic stores.”

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7-Eleven , 7-Café

   

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