Japanese retailer Seven & I Holdings has booked an increase in full-year profits, boosted by a strong performance in its convenience store segment.

For the 12 months to the end of February, net profits climbed 16% to JPY129.84bn (US$1.58bn), the retailer reported today (5 April).

Operating profit in the period increased 20% to JPY292.06bn, while sales dropped 6.5% to JPY4.78tn.

The sales decline, however, was a result of a change in the firm’s accounting methods. Under the new method, the company’s US convenience store chain no longer includes sales from its franchise stores in its top line.

The retailer’s convenience store segment in Japan recorded an operating profit of JPY183.16bn, up 8.3% on the prior-year.

For the full fiscal year, the company is forecasting a 19% improvement in net profit to JPY155bn, and a 7.9% increase in operating profit to JPY315bn. Sales are estimated to climb 5.7% to JPY5.06tn.