Seven & i's Fiscal Q1 Profit Rises 24% on Overseas Convenience Store Revenue Surge

Seven & i's (TYO:3382) attributable profit increased nearly 24% in the three months through May 31 on a surge in its overseas convenience store business, according to a Thursday disclosure to the Tokyo Stock Exchange. Attributable profit rose to 60.6 billion yen in its fiscal first quarter from 49 billion yen in the year-ago period, beating the 42 billion yen estimate by analysts polled by Visible Alpha. Earnings per share at the owner of 7-Eleven grew to 26.21 yen from 18.96 yen a year earlier. Revenue from operations slid 14% to 2.379 trillion yen from 2.777 trillion yen a year earlier. Operating income jumped 61% to 105 billion yen from 65.1 billion yen a year earlier Operating revenue from its overseas convenience store operations inched up 2% to 2.136 trillion yen from 2.093 trillion yen, while operating income surged 655% or about 7.6 times, to 65.6 billion yen from 8.69 billion yen in the year-ago period. The convenience store operator attributed its success to customer experience enhancement in its North American operations, while its Australian segment boosted its fresh food development by promoting Japan-related offerings. Domestic convenience store operations.