By Kosaku Narioka
Seven & i Holdings Co. said Thursday that its first-quarter net profit fell 73% from a year earlier, hit by the Covid-19 pandemic.
Net profit for the quarter ended May 31 fell to 13.94 billion yen ($130.0 million) from Y52.10 billion a year earlier. That missed the estimate of Y36.57 billion in net profit from a FactSet poll of analysts.
First-quarter revenue decreased 13% to Y1.392 trillion from Y1.596 trillion a year earlier.
Seven & i said its Japan convenience-store sales fell due to stay-home requests by the government amid the pandemic and that U.S. convenience-store profit dropped, owing partly to financial support for stores and other pandemic-related expenses.
Seven & i said it expects revenue to decrease 17% to Y2.760 trillion for the year ending February 2021 and net profit to drop 49% to Y56.00 billion.
Write to Kosaku Narioka at email@example.com