Seven & I Holdings today (2 July) posted double-digit declines in first-quarter revenue and profit as the downturn dented consumer spending at the Japanese retailer’s supermarket business.
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Net profit for the quarter ended 31 May totalled JPY23.69bn (US$246m), down 26% year-on-year.
Seven & I’s revenue came to JPY1.242trn, down 11% from JPY1.393trn a year earlier, while operating profit dropped 18% to JPY58.65bn.
The company said that the “economic slump” has hit sales of non-food items, such as cloths and household goods, at its Ito-Yokado supermarkets, where operating profit plummeted by 59%.
Nevertheless, its 7-Eleven convenience store business continued to perform well in Japan, benefitting from increased sales of prepared foods and own-label products.
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