Lower profits from Seven & I Holdings’ supermarkets hit the Japanese retailer’s operating earnings in the first quarter of its financial year.
The company booked a 1.4% fall in operating income to JPY67.29bn (US$845m) for the three months to the end of May.
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The fall in operating profit came despite a 7.5% increase in revenue to JPY1.21trn. Lower profits from its superstore chain, which offset higher earnings from its convenience stores, meant the retailer’s group operating profit was lower.
Seven & I’s net profit more than doubled to JPY32.59bn. Last year’s first quarter included the immediate aftermath of the earthquake and tsunami that hit Japan and Seven & I’s net income then included a provision for costs linked to repairing equipment and buildings.
