Seven & i Holdings, the operator of 7-Eleven convenience stores in Japan, reported on October 8 that its second-quarter operating profit fell 11% year on year to 127.3 billion yen, or about 805 million US dollars, in the June-to-August period, down from 132.3 billion yen in the same period a year earlier, amid pressure from inflation weighing on consumption in Japan and intensifying competition. However, excluding the deconsolidation of York Holdings, the parent of its non-core businesses, and Seven Bank from its consolidated results, operating profit for the six months ended August rose 137% year on year. Overseas convenience store operations improved, supported by high oil prices, which boosted profit at convenience stores and gas stations in North America. In Japan, convenience store operating profit for the six months ended August fell 12% from a year earlier, as inflation continued to weigh on consumption while competitors captured more market share.
Seven & I Holdings Co., Ltd.Q2 operating profit fell 11% to 127.3 billion yen amid inflation and intensifying competition.
Seven Bank, Ltd.
