JAPAN: Seven-Eleven reports profits up, not so for Ito-Yokado
Japan's biggest convenience store chain Seven-Eleven has reported a first half net profit of ¥44.5bn (US$360.5m), up 4.1% from a year earlier.
Seven-Eleven Japan, which is 51% owned by Japanese retailer Ito-Yokado, also reported operating revenue of ¥212.90bn, up 8.8% year-on-year.
The company said the growth in sales and profits in the six months to August was down to new products.
Seven-Eleven Japan increased the number of stores it operates by 251 during the six-month period to a total of 9,367.
Ito-Yokado, however, reported a net profit of ¥6.8bn, a fall of 80.9% from a year earlier. The drop in profit was reported to be due to a one-off loss linked to the discount unit Daikuma.
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