Earnings Guidance Disappointing; Cut in Domestic C-Store Franchise Fees a Surprise
Narrow-moat-rated Seven & i’s fourth-quarter results beat the company’s guidance but came in a touch below our estimates. Fourth-quarter sales grew 1%, with operating profits down nearly 1%, taking full-year operating profits to JPY 364 billion. The announcement of a 1% cut in domestic franchise fees came as a surprise. The fee cut, combined with a surge in software development expenses, is expected to depress operating profits by nearly JPY 15 billion in fiscal 2017. We have therefore lower...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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