US neighbourhood supermarket operator 7-Eleven says it will close between 115 and 120 convenience stores. The group announced the move as it reported Q4 results slightly ahead of analysts’ forecasts.
7-Eleven reported earnings of US$17.1m (16 cents per share) in the quarter, ahead of US$14.2m (14 cents per share) in the year-ago period. Adjusted for the impact of store closing and a US$5.7m accounting charge, earnings were at 14 cents per share, the company said.
Analysts surveyed by Thomson Financial/First Call had expected earnings of 13 cents per share before one-time items.
Sales revenue was just marginally ahead of the year-ago period at US$2.33bn (US$2.31bn). Depressed petrol prices hit sales, the group said, as many of its stores generate income from petrol pumps.