Seven & i (TSE: 3382) 9M19 Results: Struggling at Home, Silver Lining in Overseas Convenience Stores
- Seven & i reported a 15.8% increase in net sales and a 2.9% increase in operating income for the nine months ended November 30, 2018.
- The overseas convenience store business saw an impressive performance, with operating income increasing by 15.7% year over year.
- Superstore Ito-Yokado saw a reduced operating loss of ¥200 million.
- Food supermarket York-Benimaru and department store Sogo & Seibu suffered in operating income with the latter’s operating loss widening to ¥937 million.
Japan-based retailer Seven & i reported net sales of ¥4,110.6 billion for the nine months ended November 30, 2018, up 15.8% year over year. Operating income came in at ¥304.3 billion, up 2.9% year over year. Gross margin on net sales decreased by 200 basis points to 19.6% and operating margin fell by 60 basis points to 6.0%. Diluted EPS was ¥176.53, up 4.7% year over year. Below, we outline the performance of convenience store operations, superstore Ito-Yokado, food supermarket York-Benimaru and department store Sogo & Seibu.
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