Seven & i tops profit estimates after improved overseas performance
The 7-Eleven operator is under pressure to improve its finances in the face of a US$47-billion takeover bid from Canada's Alimentation Couche-Tard ATD-T.
Couche-Tard cagey about the likelihood of 7-Eleven takeover
Profit in the first quarter was 65.1 billion yen (US$445.19-million), compared to an estimate of 58 billion yen from six analysts polled by LSEG.
The Japanese retailing giant previously announced a share buyback, is selling off non-core assets and plans to list its North American convenience store business.
Profit fell at the company's domestic convenience stores business while overall net profit was boosted by the sale of store assets by retailer Ito-Yokado.
In the U.S., Seven & i said gross profit margins improved due to the expansion of proprietary products and optimisation of labor costs.
'It's a tough retail environment in the U.S.,' Stanley Reynolds, president of 7-Eleven, Inc., told an earnings briefing.
'The customer in the U.S. is really looking for value, so we are leaning in with value offers,' he said.
Seven & i shares closed down 1.6 per cent ahead of the earnings report and have fallen 13 per cent year-to-date. The company had spent some 156 billion yen repurchasing shares by the end of last month.
The retailer maintained its earnings forecast.
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