7-Eleven counts on resilient domestic spending

The company said tourist arrivals and spending are expected to improve further.

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.

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

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Ringgit opens easier against greenback ahead of US PCE
Mild bargain-hunting on Bursa Malaysia after recent losses
Oil prices steady as markets weigh supply tensions, China economic recovery
Dow closes at a one-month high as investors broaden portfolios
Trading ideas: Sunway, QL, MBSB, EATech, Solarvest, KAB, Systech, VS Industry, Eurospan, Hibiscus, Catcha, Go Hub, Ocean Fresh, Kronologi, ECA
Mitsubishi Heavy moving closer to new reactor
Wall Street can’t keep up with Nvidia sales
Cat Tien the first national park in Vietnam on the IUCN Green List
UK’s next PM faces a rise in economic misery
IReit Global loses main tenant of Berlin Campus

Others Also Read