Seven & I Forecasts Jump in Profit on Added StoresYuki Yamaguchi
Seven & I Holdings Co., owner of the 7-Eleven convenience-store brand, forecast a 23 percent increase in profit this fiscal year after the addition of new stores.
Net income may rise to 170 billion yen ($1.8 billion) for the year ending February 2014, the Tokyo-based retailer said in a statement today. The forecast was higher than the 168 billion yen average of 15 analyst estimates compiled by Bloomberg.
The company plans to open a record 1,500 new convenience stores domestically 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.
Net income rose 6.3 percent to 138 billion yen while sales rose 4.3 percent to 5 trillion yen in the year ended February 2013, it said.