Latest news with #convenience stores
Japan Times
2 days ago
- Business
- Japan Times
Three convenience store operators log profit growth from March to May
Three major Japanese convenience store operators posted growth in their group operating revenues and profits in the March-May first quarter of the current business year, according to their earnings reports. Retail giant Seven & I Holdings, the operator of industry leader Seven-Eleven Japan, saw its mainstay overseas convenience store operations recover thanks to labor and other cost cuts. FamilyMart's operating profit grew 17.9% from a year before to ¥27.8 billion, as advertisements featuring Los Angeles Dodgers star Shohei Ohtani helped attract more customers and boost sales of onigiri rice balls. FamilyMart also attracted budget-minded consumers thanks to its discount sales of food items such as eggs and milk. As a result, the company's net profit jumped 36.7% to a record ¥21.1 billion. In its earnings report released Friday, Lawson said the average daily sales per outlet hit a record high of ¥584,000, as an efficient product ordering system using artificial intelligence contributed to higher sales. New bread products also captured demand mainly from young customers. But Lawson's net profit fell 2.8% to ¥16.4 billion after booking appraisal gains on investment securities a year before. Seven & I saw positive effects from cost cuts and an expansion in lineups of private-label products in North America. Its net profit rose by about 2.3-fold to ¥49 billion, also aided by gains from the sale of store assets held by its Ito-Yokado general merchandise store unit. But the company suffered a 0.7% drop in the number of customers for its domestic operations.
Yahoo
4 days ago
- Business
- Yahoo
EG Group appoints new CFO
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. EG Group, parent company of EG America, which operates more than 1,500 convenience stores across the U.S., has named Mark Segal as its new chief financial officer, effective immediately, according to a Wednesday announcement. Segal replaces Russell Colaco, who left his post as CFO to become EG Group's CEO in April. Segal will report to Colaco and will be based in the U.S., the U.K.-based company's largest market by revenue. 'He is a strong addition to our team, bringing significant international financial and operational experience gained in both listed and private growth-oriented companies,' Colaco said of Segal in Wednesday's announcement. 'We have clear plans in place for growing the EG business and I look forward to working with Mark to deliver on them.' Segal joins EG Group from Spin Master, a children's entertainment business that operates in more than 100 countries. He was executive vice president and CFO of the company for over 20 years, notably leading it through an initial public offering in 2015. Besides managing the company's finances, Segal was the 'primary interface with equity and debt capital markets around strategy and business results,' according to the announcement. Before Spin Master, Segal was VP of finance and CFO for Husky Injection Moulding Systems, a manufacturer of injection moulding machinery and equipment. Prior to that, he was chief operating officer for cold weather apparel manufacturer Canada Goose. Segal said he's looking forward to working with Colaco and capturing EG Group's growth targets. 'EG has been at the forefront of developing an innovative and customer-focused offering, and I believe that my extensive international experience in both public and private companies will help ensure that the finance function supports the growth strategy,' Segal said in the announcement. Recommended Reading EG Group's new CEO appointed top executive in the US Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
6 days ago
- Business
- Globe and Mail
Seven & i tops profit estimates after improved overseas performance
Japan's Seven & i Holdings SVNDY said on Thursday operating profit beat analysts' estimates and rose 9.7 per cent in the March to May quarter helped by its improved performance by its overseas convenience stores business. 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.
