Seven & i Cuts Profit Outlook, to Focus on Convenience Stores
- Couche-Tard is willing to pay $47 billion for Japan retailer
- Retailer cuts operating profit outlook for fiscal year
A 7-Eleven convenience store in Tokyo.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Seven & i Holdings Co. detailed plans to rename itself and shed dozens of non-core businesses, accelerating restructuring efforts as it tries to fend off a buyout proposal from Alimentation Couche-Tard Inc.
The Japanese retailer, which said its new tentative name will be 7-Eleven Corp., also cut its operating profit outlook for the 12 months through end-February to ¥403 billion ($2.7 billion) on weaker sales at convenience stores and spending on new initiatives. That compares with the prior forecast for ¥545 billion and analysts’ average projection of ¥524 billion.