Japanese retailer Seven & I Holdings lowered its forecast today (3 March), saying it was likely to report smaller full-year profits.
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The operator of Seven-Eleven convenience stores said its operating profit was likely to drop to JPY281.5bn (US$2.86bn) for the year ended 28 February, down 4.3% from a previous forecast of JPY294bn on 8 January.
Net income is expected to drop 33.6% to JPN91bn from January’s forecast.
The company said the forecast was revised downward due to losses accompanying the structural reform of its department store operations, to a valuation loss on investments in securities and to impairment losses that were “higher than expected”.
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By GlobalData
