Same-store sales shrank 1 per cent for CP All, which runs Thailand’s 7-Eleven stores, during its second quarter despite gains in both consolidated revenue and net profit.
Net profit was up 10 per cent year-on-year to reach THB4.647 billion (US$139 million) while revenue grew 5.3 per cent to THB120.6 billion. Convenience store sales grew 5.7 per cent to THB69.3 billion, boosted by Siam Makro’s THB6.1 million contribution.
Gross profit rose 7.7 per cent to THB25.8 million, largely because of increased sales of higher-margin products. This advanced gross margin to 22.2 per cent from 21.8 per cent for the same period last year.
For the first half, revenues rose 6.6 per cent to total THB2.3 billion, mainly driven by 6.7 per cent growth in sales revenue and services income. Net profit was THB9.4 billion, up by 13.9 per cent.
Of total revenue, Siam Makro contributed 36 per cent, similar to the figures for the same period last year.
Convenience stores accounted for 77 per cent of profit before tax, down from 78 per cent for last year’s first half, while membership-based trade accounted for 23 per cent, up from 22 per cent. Average spending per ticket was THB67 and there were 1194 customer visits per store each day.
With 700 outlets added over the past year, the total reached 10,007 at the end of June – the world’s second-largest network of 7-Eleven stores after Japan. CP’s long-term goal is 13,000 stores by 2021, and it says expansion has been on track.
Most stores (86 per cent) are stand-alone while the others are in PTT gas stations.