Seven & I operating profit falls 2%

JIJI

Retail giant Seven & I Holdings Co. says its consolidated operating profit from March to August fell 2 percent from the year before to ¥147.2 billion, marking the first decline in the period in three years.

Operating profit for convenience store unit Seven-Eleven Japan Co. topped ¥100 billion for the first time due to an aggressive store opening strategy, but the poor performance of supermarket arm Ito-Yokado Co. put a damper on the overall profits, Seven & I said Thursday.

The group’s consolidated operating revenue in the six months increased to ¥2.45 trillion, a year-on-year rise of 4 percent, due to the higher number of 7-11 convenience stores.