Philippine Seven Corp., the local franchise holder of convenience store chain 7-Eleven, registered a 7.4-percent decline in first-quarter net income to P103.8 million after closing down 10 percent of its store network following the implementation of enhanced community quarantine order in Luzon.
PSC said in a disclosure to the stock exchange system-wide sales, which represent sales of all corporate and franchise-operated stores, rose 12.7 percent to P14.1 billion during the quarter.
Revenue from merchandise sales, which pertain to retail sales of corporate stores and merchandise sold to franchised stores, increased 11.7 percent on year.
But the move to contain the spread of the new coronavirus (COVID-19) pandemic adversely affected the movement of goods and essential workers due to the establishment of checkpoint system and the shutdown of public transport.