CPALL, the parent company of 7-Eleven convenience stores in Thailand, has announced that first-quarter earnings are down more than 50 per cent from the same period last year.
CPALL shares also fell 5.35 per cent to 57.50 baht when trading began. It was the most traded stock during the morning session of the day before yesterday with a transaction value of 2.33 billion baht.
The company reported a first-quarter profit of 2.59 billion baht late Wednesday, down 54 per cent year-on-year and 27 per cent quarter-on-quarter.
The results lagged 39 per cent behind the market estimate. Although that was much higher than our own estimates due to our surprise that someone is still bothering to enter a 7-Eleven store.
The average daily number of customers fell to 845 people per store per day, a decrease of 24 per cent year-on-year.
7-Eleven should look forward to a year of plummeting revenues, store closings and job losses unless they get hu. business model to show some respect for those who provide them all with an income.
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