7-Eleven Malaysia’s profit surged 10 percent year on year in the third quarter.
Figures released by the firm showed sales growth of 4.5 percent during the quarter and a 5.1-percentage point improvement in gross profit margin.
The firm opened 53 new stores during the period, taking the total network to 2382 stores.
7-Eleven Malaysia’s profit improvement looks set to continue in quarters. “We are confident that continuous implementation and improvement of our strategic roadmap in strengthening the key areas of assortment, supply chain, operational excellence, store base and digitally enabling the organization will continue to deliver positive results despite challenging headwinds as we look forward to ensuring that 7-Eleven remains as Malaysian consumers preferred convenience store brand,” said CEO Colin Harvey.
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The company’s board said trading conditions for the next quarter are expected to be stable.
“We will continue to focus on our customer’s needs, pursuing our core strategy pillars of operational excellence, cost management and commercial innovation, at the same time refreshing the 7-Eleven brand in the mind of customers through refreshed stores, innovations in our pricing, promotions, and developing exciting products,” read a statement from the board.