Seven and i Profit Falls 11 Percent
Seven and i Holdings reported an 11 percent decline in second quarter operating profit as domestic consumption slowed in Japan. High fuel prices boosted overseas earnings while inflation weighed on domestic convenience store results.
Insights:
Seven & i Holdings posted an 11% drop in second-quarter operating profit to 127.3 billion yen ($805M) during the June-August period. The decline follows a 132.3 billion yen profit during the same period a year earlier, according to company disclosures released on Thursday morning. The convenience store operator faces mounting cost pressures at home as persistent inflation alters consumer spending habits across Japan.
