Seven & i Holdings Co.’s profit plunged 65% in the nine months through November as Japan’s largest convenience store operator moved to shut hundreds of unprofitable US stores and faced headwinds in its overseas operations.
Net income fell to ¥63.6 billion (US$445 million) from ¥182.2 billion a year earlier, the Tokyo-based company said Tuesday. Operating profit dropped 23% to ¥315.4 billion, while revenue rose 5.7% to ¥9.07 trillion.
The retailer’s North American unit, 7-Eleven Inc., recorded a ¥56.8 billion impairment loss related to closing 444 underperforming locations as part of its strategic restructuring. The overseas convenience store business saw operating income tumble 32% to ¥156.9 billion, despite revenue growth of 9.6%.
In Japan, same-store sales at Seven-Eleven convenience stores slightly declined, though customer traffic improved in the latest quarter. The domestic unit’s operating profit fell 8.1% to ¥182.9 billion.
The company maintained its full-year forecast for net income of ¥163 billion on revenue of ¥11.88 trillion. Seven & i completed its acquisition of Australian convenience store operator 7-Eleven Stores in April 2024 as it pursues international growth.
