Convenience store chain operator Philippine Seven Corporation registered a 277 percent jump in consolidated net income to P50.1 million in the first quarter of the year from the 2009 level of P13.3 million.

In a disclosure to the Philippine Stock Exchange, PhilSeven said system-wide revenue, a measure of sales of all corporate and franchise operated stores, increased by 24.5 percent to P2.0 billion in 2010 from P1.6 billion in the same period last year.

“The improvement in sales can be attributed to various factors such as the positive effect of a recovering economy, good weather conditions and increased spending in connection with the national and local elections,” the company said.

In addition, the company expanded its store base by 27 percent or 99 stores to 470 stores during the period under review (some underperforming stores were closed) and plans to achieve the 500th store milestone during the year.

Intensified promotion activities capitalizing on the ongoing election campaign were implemented at the store level also contributed to sales growth.

Moreover, new franchisees that included Chevron retailers which operate 7-Eleven stores situated in Caltex gasoline stations boosted the store base and resulted into higher franchise revenues of P96.6 million.

EBITDA went up by 86 percent from P71.6 million in 2009 to P133.0 million during the first quarter of the current year enabling the firm to expand with the use of internally generated funds.

PhilSeven registered total revenue from merchandise sales of P1.7 billion in 2010, an increase of 24 percent percent compared to P1.4 billion in 2009. Cost of merchandise sold rose by P259 million to P1.2 billion at the end of the first quarter of 2010.