Japanese retailer Seven & I Holdings said today (5 July) that its first-quarter profits had risen by over 6% on the back of a 9% increase in turnover.

The company, which owns US convenience chain 7-Eleven, posted a 6.3% rise in operating profit to JPY71.1bn (US$579m) for the three months to the end of May. Revenue rose 9.4% to JPY1.4 trillion.

Earlier this week, Seven & I Holdings said it plans to spend JPY300bn over the next four years to open 1,000 convenience stores in the US.

The investment will also see the company renew over 6,000 existing stores in the US.