Seven & i Holdings, the Japanese operator of 7-Eleven and other retail stores, has released its first-quarter financial results. Here are the key details:
Net Profit Decline
The company’s first-quarter net profit fell by 35% to 42.18 billion yen ($304.5 million) for the quarter ended May 31. This result was lower than the estimated net profit of Y61.08 billion from a poll of analysts by FactSet.
On the other hand, first-quarter revenue showed an increase of 8.3% to Y2.651 trillion. This surpassed the estimated revenue of Y2.510 trillion in the FactSet poll.
Operating profit for Seven & i’s overseas-convenience-store business experienced a decline of 52% to Y20.98 billion. This was primarily due to a drop in retail gas prices and a narrowed profit margin for gas sales.
Superstore Revamp Announcement
Seven & i plans to unveil the details of a major revamp of its superstore business during the briefing for its second-quarter results.
Seven & i maintains its revenue and net profit forecasts for the fiscal year ending February 2024. The company expects revenue to decline by 5.6% to Y11.154 trillion, while net profit is projected to rise by 1.4% to Y285.00 billion.