Seven & i becomes 1st Japan retailer to log over 10 tril. yen sales

Seven & i Holdings Co. said Thursday its sales for the year ended February rose 35.0 percent from the previous year to a record 11.8 trillion yen ($90 billion), becoming the first Japanese retailer to book more than 10 trillion yen in annual sales.

Increased overseas sales after the acquisition in 2021 of U.S. convenience store chain Speedway LLC contributed to the earnings, Seven & i said. Net profit rose 33.3 percent to 280.98 billion yen, also a record high, helped by recovering demand for its convenience stores following the coronavirus pandemic.

The company is still struggling with its supermarket business due to low profitability at its Ito-Yokado outlets.

The retail group said last month the supermarket unit will cut the number of stores by a quarter and press ahead with restructuring by withdrawing from the clothing business and focusing on food sales.

Seven & i also said Thursday it will sell all shares in Barneys Japan Co., the operator of Barneys New York luxury fashion stores in the country, to duty-free store operator Laox Holdings Co.

© Kyodo News