Retail

7-Eleven Owner Sees Annual Profit Rises 3%, Holds Off On Guidance

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Japanese retail group Seven & i Holdings Co has reported a 3% rise in annual operating profit, but held off presenting an outlook for the coming year as it assesses the impact of the coronavirus outbreak.

Seven & i, which owns both the popular 7-Eleven convenience store and Ito-Yokado supermarket chain, reported an operating profit of 424.27 billion yen ($3.9 billion) for the year through February, compared with 411.6 billion a year earlier.

Delay Guidance

The company has said it would delay announcing guidance and longer-term business plans as it deals with the impact of the coronavirus outbreak.

While the company is considered relatively unaffected by the outbreak as it sells food and other daily necessities, its convenience store business is under pressure amid Japan's tight labour market.

Last month it abandoned a bid for Marathon Petroleum Corp's Speedway gas stations in the United States after balking at the price, which media reports had put at $22 billion.

Analysts have said Seven & i may have dodged a bullet by giving up on the deal, as the coronavirus outbreak has weighed on global valuations. But analysts have said it may still seek growth abroad due to market saturation in Japan.

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