Seven & i operating profit falls 11% in second quarter
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Japan's Seven & I’s logo is seen at its 7-Eleven convenience store in Tokyo, Japan August 19, 2024. REUTERS/Kim Kyung-Hoon
TOKYO, Oct 8 (Reuters) - The Japanese operator of the 7-Eleven convenience store chain, Seven & i Holdings, said on Thursday it booked an 11% fall in second-quarter operating profit.
The firm generated 127.3 billion yen ($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% 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% compared to the same period the previous year as inflation continued to hit consumption in Japan and rivals have taken market share.
($1 = 158.1400 yen)
(Reporting by Anton Bridge; Editing by Jacqueline Wong)
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