Japan’s largest retailer Seven & I Holdings has posted a 57% drop in full-year profits, which were hit by charges and write-downs associated with store closures at the company’s department store business.

In a preliminary earnings statement, the operator of the 7-Eleven convenience chain said that net income fell to JPY40bn (US$448m), down from JPY92.3bn last year.

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The company had forecast profits of JPY109bn in January, but said today (2 March) that earnings were negatively impacted by JPY40bn in goodwill charges related to the sale of its Seibu department store business.

Sales at Seven & I dropped 9.4% to JPY5.12trn, after greater than expected declines at the group’s supermarket and department store operations.

Operating profit fell 21% to JPY223bn.

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