Key facts
- Seven & i Holdings reported an 11% fall in Q2 operating profit.
- Operating profit for the June-August period was ¥127.3 billion.
- This compares to ¥132.3 billion in the same period a year earlier.
- Operating profit for the six months to August grew 137% on a like-for-like basis.
- High fuel prices boosted profit at the overseas convenience store arm.
- Domestic convenience store operating profit fell 12% in the six months to August.
Seven & i Holdings, the operator of the 7-Eleven convenience store chain, reported an 11% decrease in its second-quarter operating profit, amounting to ¥127.3 billion ($805 million) for the June-August period. This marks a decline from the ¥132.3 billion recorded in the same period last year.
Despite the quarterly dip, the company's operating profit for the six months ending August grew by 137% on a like-for-like basis. This adjusted growth accounts for the deconsolidation of its non-core business, York Holdings, and its banking arm, Seven Bank.
The company attributed the strong performance of its overseas convenience store arm, which includes operations in North America, to high fuel prices. However, its domestic convenience store business saw a 12% decline in operating profit for the six-month period. This downturn was attributed to persistent inflation impacting consumer spending in Japan and increased market share gains by competitors.