SEVEN & I HOLDINGS CO., LTD. By Kosaku Narioka
Seven & i Holdings reported a drop in first-quarter net profit due to weaker earnings in various segments, especially in its overseas convenience-store business.
The Japanese owner of 7-Eleven and other retail stores said Thursday that net profit fell 49% from a year earlier to 21.39 billion yen ($132.2 million) for the three months ended May 31. That missed the estimate of Y41.73 billion in a poll of analysts by data provider Visible Alpha.
Seven & i has been taking steps to focus on its convenience-store operations and restructure other businesses.
The 7-Eleven owner in April acquired most of U.S. fuel distributor Sunoco's convenience-store and gasoline retail businesses for $950 million in a bid to pursue growth in the North American market.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
07-11-24 0229ET
