Philippine Seven Corporation (PSC), the local licensee of 7-Eleven Convenience Stores, announced that the Chairman of its Board of Directors Jose T. Pardo is retiring and stepping down on July 17, 2025.
In a disclosure to the Philippine Stock Exchange, the firm said that, when it holds it annual stockholders’ meeting and organizational board meeting on July 17, Pardo will assume the role of Chairman Emeritus.
“Mr. Jose T. Pardo conveyed to the Board that he shall retire and step down as Chairman of the Board and Independent Director of PSC upon the end of his term this July at the annual stockholders’ meeting of PSC on July 17, 2025,” the company said.
Current PSC President and CEO Jose Victor P. Paterno will transition to the role of Chairman of the Board effective July 17, 2025. He will likewise be the Chairman of the Executive Committee of PSC effective July 17, 2025.
Meanwhile, Ying-Jung Lee, the Chief Operating Officer (COO) of PSC, will be elected as a Director of PSC and will be appointed as the President of PSC effective July 17, 2025.
Pardo, Jorge L. Araneta and Maria Cristina P. Paterno shall be appointed as members of the Advisory Board of PSC effective July 17, 2025.
PSC is allotting ₱5 billion to ₱6 billion for capital expenditures this year to support plans to open about 500 stores in 2025, mostly in the Visayas and Mindanao as part of its expansion strategy.
At the end of 2024, PSC is operating 4,130 stores, 1,974 of which are franchise stores and the remaining 2,156 are company- owned stores. The store franchise contracts have an average term of 5 years each.
A total of 399 new stores were opened during the year, offset by 37 closures. This is a slight slowdown compared to 415 new stores and 40 closures in 2023.
“Our medium-term goal is to operate 5,000 stores before the end of 2026, driven by an improving business environment that will make our products more accessible and affordable to our target market,” the firm said.
The Company generated a net profit of ₱3.81 billion in 2024, representing a 9.4 percent year-on-year increase.
System-wide sales—comprising the retail sales and service income of all corporate and franchise-operated 7-Eleven stores—rose by 13.8 percent to ₱93.5 billion. Similarly, revenue from contracts increased by 13.6 percent to ₱88.7 billion, reflecting sustained top-line momentum.
The stronger performance was supported by a 3.2 percent growth in same-store sales, driven by a 3.4 percent increase in average customer count at mature stores. In addition, the number of stores grew by 9.6 percent to 4,130, which led to an 11.5 percent increase in store operating days for the year.