7-Eleven Owner's First-Quarter Net Profit Fell 35% on Weak International Business

By Kosaku Narioka

Seven & I Holdings said Thursday that its first-quarter net profit fell 35% due to weakness in its overseas-convenience-store and superstore businesses.

The Japanese operator of 7-Eleven and other retail stores said net profit for the quarter ended May fell to 42.18 billion yen ($304.5 million) from Y65.04 billion a year earlier. That missed the estimate of Y61.08 billion from a poll of analysts by FactSet.

First-quarter revenue rose 8.3% to Y2.651 trillion.

Operating profit for its overseas-convenience-store business fell 52% to Y20.98 billion and that of its superstore business declined 5.8% to Y3.32 billion, while earnings grew for its domestic-convenience-store and financial-services businesses.

Seven & I kept its revenue and net profit forecasts for the fiscal year ending February 2024. It continued to expect revenue to fall 5.6% to Y11.154 trillion and net profit to rise 1.4% to Y285.00 billion.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

July 13, 2023 03:09 ET (07:09 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.