Seven & i Holdings, the Japanese operator of the 7-Eleven convenience store chain, reported an 11 per cent decline in second-quarter operating profit as its domestic convenience store business faced weaker consumption and increased competition.
Operating profit for the June-August quarter fell to ¥127.3 billion (US$805 million) from ¥132.3 billion a year earlier.
Operating profit for the six months to August, however, rose 137 per cent on a like-for-like basis after adjusting for the deconsolidation of York Holdings and Seven Bank, the company said in a presentation.
Seven & i said higher fuel prices helped lift profit at its overseas convenience store business, which operates convenience stores and petrol stations across North America.
The domestic convenience store business recorded a 12 per cent decline in operating profit for the six months to August compared with a year earlier, as inflation continued to weigh on Japanese consumption and competitors gained market share.
The company operates the 7-Eleven convenience store chain globally.
Reuters
