Philippine Seven Corp. swung to a net loss of P493.5 million in the second quarter from a net profit of P373.2 million a year-ago. | Philbizwatcher
Despite the Philippines undergoing one of the longest and strictest lockdowns compared with other countries, the number of COVID19 cases keeps on rising as the government ramps up testing to gain more visibilty on how the virus spreads.
During the first few weeks of the enhanced community quarantine , up to 30 percent of PSC’s stores were closed. The company slowly reopened during the second quarter. PSC ended the first half with a nationwide store count of 2,930, 10 percent more than same period in 2019. There are 2,222 7-Eleven stores in Luzon, 1,019 of which are in Metro Manila, while 425 are in Visayas and 283 are in Mindanao. The franchised-stores accounted for 55 percent of the total, while the remaining 45 percent are corporate-owned.
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