Japanese retailer Seven & I Holdings has raised its forecast for annual operating profit after reporting a 26% jump in the first half of its financial year.
The company said yesterday (4 October) that it now expects its operating income to reach JPY286bn (US$3.73bn) in the year to 29 February.
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It is the second time in a month that Seven & I has lifted its forecast for operating profit. Last month, the retailer said it expected operating profit to reach JPY283bn.
The latest, improved guidance was made as Seven & I filed a 25.9% rise in operating profit for the first six months of its financial year. The company said its operating income reached JPY150.19bn in the six months to the end of August.
The increase in operating income came despite a 7.9% fall in Seven & I’s revenue from operations to JPY2.38tn. The retailer’s improved operating income was due to a drop in the cost of sales.
Despite the higher operating income, Seven & I also reported a drop in net income to JPY52.79bn due to losses on the adjustment for changes in accounting standards and costs linked to the March earthquake in Japan.
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By GlobalData
