Retail Giant Seven & i Posts Record March-Nov. Profits

Economy

Tokyo, Jan. 9 (Jiji Press)--Japanese retail giant Seven & i Holdings Co. <3382> said Thursday that it enjoyed record profits in the first three quarters of the business year through February 2020, thanks to the strong performance of its domestic convenience store division.

For March-November 2019, Seven & i reported a consolidated operating profit of 319,085 million yen, up 4.9 pct from a year earlier, and a net profit of 169,968 million yen, up 8.8 pct.

The operating and net profit figures renewed their March-November highs for the seventh and third consecutive year, respectively.

Meanwhile, the company's sales fell 1.9 pct to 4,975,533 million yen in the nine-month period, reflecting the yen's appreciation against other major currencies, which pushed down its sales from overseas convenience store operations.

The group's supermarket and department store businesses fared poorly due to the impact of the Oct. 1 consumption tax hike, as well as unusual weather conditions.

[Copyright The Jiji Press, Ltd.]

Jiji Press