Seven & I Set to Gain on Forecast for Record Profit: Tokyo Mover
Seven & I Holdings Co. (3382) was bid higher in pre-market trading in Tokyo after the owner of the 7- Eleven convenience-store brand said adding stores in Japan and overseas will help boost profit to a record this year.
The retailer was bid at 3,305 yen as of 8:45 a.m. in Tokyo, 7 percent higher than yesterday’s close. Net income may rise 23 percent to 170 billion yen ($1.8 billion) in the year ending February 2014, the Tokyo-based retailer said in a statement yesterday after the market closed.
The company plans to open a record 1,500 new convenience stores in Japan this fiscal year, tapping demand as consumers increasingly rely on the shops for meals formerly purchased at grocery stores or fast-food outlets. The operator of Ito-Yokado supermarkets and 7-Eleven convenience stores, Japan’s biggest chain, said operating profit will probably rise 15 percent to 340 billion yen.
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