Japan’s Seven & I Holdings reported a slight decline of 1.4 per cent in its first quarter profit, although the retailer is still on track for a second year of record annual result.
Seven & I’s dip to ¥67.3bn (US$843m) in operating profit for the March-May quarter was composed of weak sales in the company’s supermarket sales, partially offset by solid results from its 7-Eleven convenience store business, reported Reuters.
The retailer is sticking to its forecast of a full-year operating profit of ¥315bn (US$3.94bn), which if achieved will be the second year of record profits, the Reuters report said.
Japanese convenience stores have done well from an expansion of their targeted customer base in Japan, focusing particularly on women in senior citizens. Convenience chains have also grown their product offering to include fresh vegetables, cooking oil and deserts.
