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July 9, 2020, 3:17 a.m. EDT

Seven & I net profit falls 73%, hit by pandemic

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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 kosaku.narioka@wsj.com

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