Korea Seven, the operator of 7-Eleven convenience stores, disclosed on the 14th that third-quarter results came in at 1.272 trillion won in sales and a 1.6 billion won operating loss. Compared with a year earlier, sales fell 8%, while the deficit narrowed 84%, improving profitability.
Korea Seven analyzed that government consumer coupons and business-structure improvement policies continued from last year had a positive impact on third-quarter results.
Since last year, 7-Eleven has streamlined underperforming stores and focused on high-sales, prime locations to improve its fundamentals.
Korea Seven plans in the fourth quarter to continue improving results by strengthening tailored demand for foreign tourists, expanding openings of the next-generation franchise model "New Wave," and focusing on developing differentiated products centered on its private brand (PB) 7-Select.
A Korea Seven official said, "Through business structure reorganization and a differentiation strategy pursued since last year, we are establishing a stable and solid management system this year," adding, "We are focusing on policies that enhance the fundamental competitiveness of the convenience store channel and improve customer brand satisfaction."