Magazines Archives - 2007 March

Seven & I Reports Strong Nine-Month Profit Increases
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JAPAN’S Seven & I Holdings said net profits for the first nine months of the year ended 30 November 2006 rose 4.6% to ¥104.85 billion (US$894.64 million), bolstered by its recently acquired department store unit.

The nation’s largest retailer said group operating profit came to ¥213.24 billion in the period, up from ¥191.44 billion a year earlier, thanks to its acquisitions of department store group Millennium Retailing and grocery store chain York-Benimaru.

Seven & I Holdings also owns Ito- Yokado supermarkets and the Denny’s Japan family restaurant chain. Group revenues for the March- November period came up to ¥3.937 trillion, up 36.9% from ¥2.875 trillion a year ago.

Its core unit Seven-Eleven, however, has been experiencing slow same-store sales as it faces tough competition from other supermarkets that open long hours.

In spite of this, the group stuck to its operating profit forecast of ¥305 billion for the full year to February 2007.