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7-Eleven parent reports huge sales growth

Japanese retail giant Seven & I has reported a 15.8 per cent increase in net sales for the nine months to November.

Profit rose by a less impressive 2.9 per cent.

The 7-Eleven parent said its overseas convenience store business achieved an impressive 15.7 per cent increase in operating profit year on year.

At home, its Ito-Yokado superstore managed to reduce its operating loss to ¥200 million (US$1.85 million), however its York-Benimaru supermarket division and Sogo & Seibu department stores both struggled, the latter losing ¥937 million ($8.6 million).

Seven & I’s net sales totalled ¥4.11 trillion ($38 billion).

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