Seven & i Holdings' Third-quarter Results Ahead of Expectations; C-store Business Remaining Healthy
Seven & i posted a solid set of third-quarter results with sales down 6.3% (negative 0.7% excluding foreign exchange impact) and operating profits up 4.5% (8.4%). Operating profits appear to be ahead of the company’s forecasts and our expectations. Despite sluggish same-store sales with a 6% decline, the superstore business, specifically Ito Yokado, saw a recovery in margins driving the group’s profit growth. We keep our narrow moat rating on Seven & i but our fair value estimate is unde...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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