President Chain Store Corp (
The board of the President Chain yesterday approved an investment of 100 million yuan (US$12.5 million) to be used in opening supermarkets in Chengdu, Sichuan Province, according to a filing to the Taiwan Stock Exchange.
The company has not yet made a decision on the specific number of stores to be opened in Chengdu, said Lillian Lin (
The President Chain invested in a supermarket chain in Beijing in 2004, and opened a Unimart (
The board also approved a proposal to increase investment by US$333,000 in its Shanghai Starbucks coffee stores, another company filing said.
Earlier in the shareholder meeting, the board decided to assign a record high NT$3.4 cash dividend to its shareholders, after its marketing strategy of handing out Hello Kitty magnets and brooches struck the right note with consumers.
With its 4,037 7-Eleven stores at the end of last year, the President Chain reported sales of NT$93.7 billion and after-tax earnings of NT$3.65 billion, or NT$3.99 per share. The company saw its highest earnings in 2003, when the earnings-per-share reached NT$4.29.
"We think we can see sales hit the NT$100 billion mark this year," Hsu Chung-jen (
He said that the company planned to expand the number of 7-Eleven stores in the country to 4,300 by the end of the year.
The dilemma over consumer credit defaults did not have a significant impact on the the President Chain's operations, with sales growing 12 percent to NT$39.35 billion for the first five months of the year from the same period a year earlier.
Separately, Taiwan FamilyMart Co (
The chain reported revenues of NT$29.68 billion last year, growing by 8.46 percent from a year ago. Pre-tax profits for last year topped NT$890 million, rising by 5.75 percent year-on-year. Earnings per share were NT$3.28.
As of Dec. 31 last year, the chain ran 1,851 stores nationwide, or a net increase of 151 outlets from the previous year, the statement said.
additional reporting by Jackie Lin
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