Philippine Seven Corp., the local franchise holder of convenience store chain 7-Eleven, halved its programmed capital expenditures this year to P2 billion, with new store openings reduced by 50 percent amid current challenges brought about by the coronavirus (COVID-19) pandemic.
PSC president Jose Paterno said in a virtual press briefing Thursday the company was poised to open 200 stores this year, lower than 400 originally programmed for this year.
Paterno, however, noted that the adjusted P2-billion capital spending and 200 store openings remained fluid as the overall businesses remained weak despite laxer quarantine restrictions. While store visit and average purchase of customers had somewhat improved, Paterno said the figures were still down by more than half compared with pre-COVID levels.
The company is also set to report a net loss in the second quarter of the year as 30 percent to 40 percent of the store network was closed amid the enhanced community quarantine.
The company to date reopened 95 percent of the total store network.