The Japanese operator of the 7-Eleven convenience store chain, Seven & I Holdings, said on Thursday it booked an 11 per cent fall in second-quarter operating profit.
The firm generated 127.3 billion yen (US$805 million) operating profit over the June-August period, as compared to 132.3 billion yen over the same period a year earlier.
Operating profit for the six months to the end of August grew 137 per cent on a like-for-like basis, adjusting for the impact of the deconsolidation of York Holdings, the parent company of its non-core business, and Seven Bank, its banking arm, Seven & I said in a presentation.
High fuel prices pushed up profit at its overseas convenience store arm, which operates a network of convenience stores and gas stations across North America.
Operating profit at the domestic convenience store business in the six months to August fell 12 per cent compared to the same period the previous year as inflation continued to hit consumption in Japan and rivals have taken market share.
- Reporting by Anton Bridge; Editing by Jacqueline Wong, of Reuters.
- Further reading: Seven & I in talks over multibillion-dollar stake in Poland’s Zabka.
