President Chain Store (2912) Q1 2025 earnings summary

Executive summary

• Consolidated revenue grew 4.4% year-over-year in Q1 2025 to NT$84.64 billion, led by core businesses in Taiwan and the Philippines, with growth from 7-ELEVEN, COSMED, and others.

• Gross margin improved slightly year-over-year due to scale, product mix, and service optimization, remaining stable at 34%.

• Operating profit and net income after tax declined slightly by 0.9% and 1% year-over-year, mainly due to rising costs and ongoing investments, with net profit at NT$3.40 billion.

• Basic EPS was NT$2.79, compared to NT$2.83 in the prior year period.

• Total assets as of March 31, 2025, were NT$282.75 billion, up from NT$262.02 billion a year earlier.

Financial highlights

• 7-Eleven Taiwan revenue rose 5.2% year-over-year in Q1, driven by store expansion and stronger same-store sales.

• Group-level e-commerce and digital businesses contributed 13%-14% of consolidated revenue.

• Consolidated operating profit was NT$3.62 billion (4.3% OPM), nearly flat compared to NT$3.65 billion in Q1 2024.

• Cash and cash equivalents increased to NT$54.49 billion from NT$52.56 billion year-over-year.

• Cosmed expanded to 509 stores as of May 2025, with a net increase of 18 stores year-to-date.

Outlook and guidance

• Targeting a net increase of 200–300 new 7-Eleven stores in Taiwan by end-2025, with continued focus on operational quality, efficiency, and digital transformation.

• Expecting gradual recovery and renewed growth momentum in the Philippines as external challenges ease, with accelerated expansion planned.

• Medium- and long-term goals include increasing store quantity and quality, digital integration, and adapting to regional economic trends.