Japanese convenience operator Seven & I has increased its forecast for annual profits despite recording a first-quarter fall in net income.
The convenience store operator said today (7 July) that it is increasing its full-year income forecast by 20% to JPY270bn (US$3.3bn), which it attributed to its efforts to open stores and restore supply systems more quickly than expected following the Japanese earthquake.
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For the quarter ended 31 May, net income was down 46.1% to JPY13.1 bn. However, Seven & I’s operating income rose 30.1% to JPY68.2trn.
Nevertheless, the retailer saw its quarterly revenue fall 9.9% to JPY1.1trn. Seven & I’s convenience store business reported revenue of JPY375bn, against JPY481.4bn in the same quarter of the previous year. Its superstores posted a smaller decline, recording JPY489bn against JPY494bn in the same quarter of the previous year.
