Japanese retailer Seven & I Holdings has forecast its full-year operating profit will increase 15%, above analyst estimates.
Seven & I, the company behind the 7-11 convenience chain, said it sees its operating profit for the year to 28 February 2014 reaching JPY340bn (US$3.41bn). Analysts polled by Thomson Reuters forecast profit of JPY326.9bn.
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The company also forecast a 13% increase in revenue to JPY5.64trn and a 23.1% gain in net income to JPY170bn.
The estimates were outlined after Seven & I reported its financial results for the year to 28 February – when its earnings and revenue rose but at slower rates than projected for the year ahead.
Net income was up 6.3% at JPY138.06trn. Operating income increased 1.2% to JPY295.66bn. The rise in profits came on the back of higher margins in Japan and in the US, as well as a 4.3% gain in revenue to JPY4.99trn. Seven & I said an increase in its store network in Japan boosted sales.
At the end of the 2012 calendar year, Seven & I had 49,759 stores worldwide, up on the 44,985 outlets in 2011.
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