Japan’s largest retailer Seven & I Holdings has seen its profits fall by almost one-third during the first nine months of this year, as lower personal incomes in Japan dented demand.
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Seven & I’s net income fell to JPY69.3bn (US$752m) in the nine months to end of November, down 32% from last year.
Sales dropped by 11.8% to JPY3.82trn, the 7-Eleven operator said in a regulatory filing.
Seven & I has focused on expanding into new markets, particularly China, as well as through new sales channels, such as online retailing, in a bid to offset the weakness it has seen in its home market.
Despite its weak nine-month performance, Seven & I maintained its full-year earnings outlook, with net income expected to increase 18% to JPY109bn despite an anticipated 8.3% fall in sales.
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By GlobalData
