News

Seven & i Holdings Reports Drop in First-Half Net Profit

1 Mins read

Seven & i Holdings, the owner of 7-Eleven and other retail stores, has announced a decline in its first-half net profit, primarily attributed to weaknesses in its overseas 7-Eleven convenience stores and losses incurred from the sale of its department-store business.

Decrease in Net Profit

The net profit for the six months ended August fell by 41% from the previous year to 80.23 billion yen ($537.8 million), according to the company’s statement on Thursday.

Special Losses from Department-Store Business Sale

Seven & i Holdings recorded special losses amounting to 130.32 billion yen following the sale of its Sogo & Seibu department-store business to Fortress Investment Group.

Performance of Convenience Stores

Operating profit for the company’s overseas convenience-store business during the first half declined by 2.4% compared to the previous year, amounting to 112.83 billion yen. On the other hand, the domestic convenience-store business experienced an increase of 9.3% in operating profit, reaching 138.50 billion yen.

Future Outlook

Despite the drop in net profit, Seven & i Holdings maintains its projection that net profit will decrease by 18% to 230.00 billion yen for the fiscal year ending in February 2024. Moreover, the company anticipates a 3.2% decline in revenue, totaling 11.432 trillion yen.

Second-Quarter Performance

The second-quarter net profit was reported at 38.05 billion yen, lower than the first quarter’s net profit of 42.18 billion yen, as calculated by The Wall Street Journal. This figure fell short of the estimated 50.91 billion yen based on a poll of analysts conducted by FactSet.

Overall Revenue Decrease

First-half revenue showed a decrease of 1.8% compared to the previous year, amounting to 5.547 trillion yen.

Related posts
News

IMF commends Sri Lanka's new govt for reform continuation

1 Mins read
COLOMBO, Apr 25: The International Monetary Fund (IMF) on Friday commended the Sri Lankan government, led by President Anura Kumara Dissanayake, for…
News

U.S. Federal Reserve revokes crypto guidance for banks

1 Mins read
25th April 2025 – (Washington) The U.S. Federal Reserve announced on 24th April that it will withdraw previous guidance requiring state member…
News

Largo Reports Q1 2025 Production and Sales Results; Provides Update on Operational Turnaround Plans By Investing.com

7 Mins read
All dollar amounts expressed are in thousands of U.S. dollars unless otherwise indicated.Trending NowBest Forex Trading Robots To Invest In 2022 Q1…

Leave a Reply

Your email address will not be published. Required fields are marked *

41 − 35 =