Seven & i's No-Moat Businesses Exceeding Expectations; Mobile Payment Function Will Boost Sales
Narrow-moat Seven & i’s first-quarter earnings came in slightly above our expectation and the company's internal targets thanks to a strong profit recovery in the no-moat specialty store business and contribution of financial service. While operating profits of the moaty domestic C-store business Seven-Eleven Japan, or SEJ, fell more than 7% resulting from the cut in franchise fee and increased rent and personnel costs, the underlying same-store sales growth remains resilient despite a tough...Seven & i Holdings is a holding company mainly engaged in the retail business. Co.'s business segments are convenience stores, superstores, department stores, food services, finance related, mail order & e-business and others. Co. is engaged in the operation of direct and franchise convenience stores called "7- Eleven." As of Feb 28 2018, Co. maintains total of 20,260 convenience stores throughout Japan. Co. is also engaged in the operation of supermarkets, specialty stores, full-service and fast food restaurants, meal provision service business to company cafeterias, hospitals and schools, banking and credit card services, leasing business, as well as the provision of IT business.
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