Seven & I is forecasting that net income will fall by some 22% in this financial year on the back of the impacts of the Japanese earthquake and subsequent nuclear disaster.
The operator of the 7-Eleven chain of convenience stores, as well as the Seibu and Sogo department stores and the Ito-Yokado general merchandise stores said today (7 April) that in “addition to the direct effect of stores, products etc, the effects of the Great East Japan Earthquake could include fluctuations in consumer sentiment due to events that might occur in the future”.
The retailer is now forecasting JPY114.8bn net income, against an initial forecast of JPY128.5bn for its 2012 financial year. Revenue is expected to fall 10% for the year to JPY4.6trn.
The announcement came as the retailer saw its net income more than double in the year ended 28 February to reach JPY111.9bn against JPY44.8bn in the previous year.
Revenue edged up on the previous year, reaching JPY5.12trn, up from JPY5.11trn in the previous year.