Seven & i Posts Record Operating Profit

Economy

Tokyo, April 4 (Jiji Press)--Seven & i Holdings Co. <3382> said Thursday its consolidated operating profit hit a record high for the eighth consecutive year in the fiscal year through February thanks mainly to its acquisition of a U.S. convenience store network.

The Japanese retailer saw its operating profit rise 5.1 pct from the previous year to 411,596 million yen.

Sales surged 12.5 pct to 6,791,215 million yen. Net profit jumped 12.1 pct to 203,004 million yen.

The acquisition boosted Seven & i's overseas operations. Convenience store business in Japan was supported by higher same-store sales backed by a series of new product launches.

Ito-Yokado Co., a supermarket unit of Seven & i, reported a higher operating profit thanks to the effects of its structural reforms. But Sogo & Seibu Co., a department store arm, remained sluggish.

[Copyright The Jiji Press, Ltd.]

Jiji Press