President Chain Store Corp (統一超商), operator of 7-Eleven and Starbucks outlets in Taiwan, plans to more than double its convenience stores in Shanghai by the end of the year.
President Chain plans to increase its number of 7-Eleven stores to 50 from the current 20, company president Hsu Chung-jen (徐重仁) told investors yesterday.
outlets
The Taipei-based company runs about 4,750 7-Eleven outlets in Taiwan and plans to open 300 7-Eleven outlets in Shanghai by 2013. The company also owns Starbucks coffee and Cold Stone ice cream shops in China’s richest city.
Hsu said he expected high double-digit growth in both pretax and net profit for the first quarter, citing growth in core business and other food and retail affiliates.
Sales of own-brand products, which command higher margins, would likely account for more than 25 percent of total revenue by the end of this year and as much as 50 percent in three years, he said.
The company made net profits of NT$4.06 billion (US$128 million) last year.
shares
President Chain also plans to sell all 26 million of its Chimei Innolux Corp (奇美電子) shares, Hsu told investors. Chimei Innolux is the nation’s biggest LCD panel maker, followed by AU Optronics Corp (友達光電).
Shares in President Chain fell 2 percent to close at NT$83.5 in Taipei trading. The company’s stock has climbed 9.7 percent this year compared with a 0.2 percent decline in the benchmark Taiex index.
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