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April 7, 2005

JAPAN: Seven Eleven Japan says profit up, predicts further rise next year

Convenience store company Seven-Eleven Japan has posted a net profit of 96.33bn yen (US$890m) for the year ended 28 February 2005.

Convenience store company Seven-Eleven Japan has posted a net profit of 96.33bn yen (US$890m) for the year ended 28 February 2005.

Income for the previous year was 93.135bn yen. Sales in the year to 28 February 2005 were 502.516bn yen, compared with 474.283bn yen in the previous year. The company forecast a rise in net income to 106.5bn yen in 2005/2006.

“We are confident that we will see international synergy benefits from the US’s 7-Eleven in addition to our operations in China, Taiwan and Southeast Asia,” Tadahiko Ujiie, senior managing director at Seven-Eleven Japan, told a news conference reported by the Reuters News Agency.

“Because industry conditions are harsh, we need to strengthen our existing channels and keep scrapping unprofitable stores and building new ones so that we can differentiate ourselves (from competitors) in a few years,” he said.

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