Seven & i Posts Record Net Profit in March-Nov. '22

Economy

Tokyo, Jan. 13 (Jiji Press)--Japanese retail group Seven & i Holdings Co. <3382> saw its consolidated operating revenue and net profit both hit record highs in March-November 2022, thanks to brisk convenience store operations in Japan and the United States.

In the nine-month period, Seven & i's operating revenue jumped 43.5 pct from a year earlier to 8,823.7 billion yen and its net profit climbed 34.2 pct to 234.7 billion yen, the group said Thursday.

At its convenience stores in the United States, Seven & i enjoyed growth in sales of gasoline and other products. The yen's depreciation was one factor behind its robust U.S. operations.

In its domestic convenience store business, the group benefited from a rebound in customer traffic following a slump caused by the COVID-19 pandemic. Sales promotion campaigns also contributed to the solid results.

Meanwhile, supermarket unit Ito-Yokado Co. and department store unit Sogo & Seibu Co. incurred operating losses, pressured by higher utility costs.

[Copyright The Jiji Press, Ltd.]

Jiji Press