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Seven & i Holdings shares
3382,
fell sharply Friday morning after its first-quarter net profit dropped 35% due to weakness in its overseas convenience-store business, missing analysts’ expectations.
The company’s shares were recently 6.1% lower at 5,788 yen after falling as much as 6.4% earlier.
The Japanese operator of 7-Eleven and other retail stores said Thursday after market close that net profit fell to Y42.18 billion ($305.5 million) for the quarter ended May 31 from Y65.04 billion a year earlier. That undershot the estimate of Y61.08 billion from a poll of analysts by FactSet.
Operating profit for its overseas convenience-store business dropped 52% to Y20.98 billion as retail gas prices fell and its profit margin for gas sales narrowed.
Seven & i said the gas sales profit margin has improved since April.
The company kept its revenue and net profit projections unchanged for the fiscal year ending February 2024. It continues to expect revenue to fall 5.6% to Y11.154 trillion and net profit to rise 1.4% to Y285.00 billion.
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