Seven & i Posts 2.3-Fold Net Profit Growth in 1st Half

Tokyo, Oct. 9 (Jiji Press)–Seven & i Holdings Co. said Thursday that its group net profit for the six months through August surged 2.3-fold from a year earlier to 121.8 billion yen, reflecting lower costs in the supermarket division and higher margins in the overseas convenience store business. The profit surge is also attributed to the absence of losses linked to the company’s withdrawal from online supermarket operations, which were booked a year earlier. The major retail group also reported an operating profit of 208.3 billion yen, up 11.4 pct, as its supermarket and other businesses fared well, although the domestic convenience store division logged a profit decrease. Meanwhile, its sales decreased 6.9 pct to 5,616.6 billion yen, due to a drop in gasoline sales at overseas convenience stores. In a bid to focus its resources on its convenience store operations, the Seven & i group has sold its supermarket, restaurant and other non-convenience store businesses to U.S. investment firm Bain Capital. These operations will be excluded from its consolidated accounting starting in September. However, Seven & i CEO Stephen Dacus said at a press conference in Tokyo that customers visit Seven-Eleven stores less frequently. He said the company will work to restore customer visits as soon as possible. For the full year through February 2026, the company raised its consolidated net profit forecast to 265 billion yen from 255 billion yen. Still, it lowered its sales forecast to 10,560 billion yen from 10,722 billion yen and the operating profit prediction to 404 billion yen from 424 billion yen, mainly due to sluggish sales at its Japanese convenience store operations. END [Copyright The Jiji Press, Ltd.]