Americans Are Driving Less But Paying More— and 7-Eleven Just Proved it With a $349 Million Quarterly Profit

Despite fewer Americans hitting the pumps, 7-Eleven, the U.S. convenience store unit of the Japanese company Seven & i Holdings Co Ltd (OTC: SVNDY ) announced nearly $349 million profit, largely attributed to the recent surge in U.S. gasoline prices.

As per the company, surge in gasoline prices contributed nearly half of the company’s total operating profit of 105 billion yen ($650 million) for the first quarter ended May 31, announced on Thursday.

As fuel prices increased, 7-Eleven stated that its gasoline sales volume fell 8.8%, but its fuel margin rose 16.2%.

The National Association of Convenience Stores (NACS), which counts 7-Eleven among its members, noted that gross margins typically come under pressure when wholesale costs rise sharply.

However, 7-Eleven’s profit margin did not appear to be negatively impacted by this trend in the previous quarter.

Japan’s 7-Eleven owner reported a 23.6% year-over-year increase in net profit to 60.60 billion yen ($372.97 million) for the quarter ended May, up from 49.01 billion yen ($301.6 million) a year earlier.

Revenue declined to 2.38 trillion yen ($14.65 billion) from 2.78 trillion yen ($17.11 billion), while operating profit surged to 105.04 billion yen ($646.4 million) from 65.08 billion yen ($400.5 million).

Read Also: Justin Wolfers Says Trouble in Iran Means 'Turmoil' in Energy Markets: 'Expect Higher Gas Prices' 7-Eleven IPO Delay, California Lawsuit The profit announcement comes as a surprise, especially considering the company’s recent struggles.

In April, Seven & I had delayed its U.S. listing due to war-driven uncertainty and profit weakness.

President Stephen Dacus said the company will proceed with the IPO of its U.S. convenience store business once market conditions improve.

The company had planned to raise 2 trillion yen ($12.6 billion) through an IPO as part of a restructuring effort triggered by Alimentation Couche-Tard Inc. ‘s unsolicited takeover proposal in 2024.

Notably, in June, California drivers sued gas station operators, including BP Plc (NYSE: BP ), Circle K, Marathon Petroleum Corp. (NYSE: MPC ), 7-Eleven, Walmart Inc. (NYSE: WMT ) and Albertsons, alleging they used an AI-powered pricing tool to coordinate higher fuel prices in violation of the state’s antitrust law, reported Reuters.

The lawsuit alleged that an AI-powered fuel pricing tool violated California’s new anti-algorithmic price-fixing law, causing gas prices to rise by as much as 30 cents per gallon in some areas.

The complaint claims each one-cent increase costs California drivers about $134 million annually and has contributed to gasoline prices reaching as high as $7 per gallon.

Meanwhile, the White House announced the launch of 25 Freedom Fuel gas stations, 20 in Pennsylvania and five in New Jersey, promoting them as a lower-cost fuel option to help reduce gas prices.

The administration said the network is privately owned and did not receive government subsidies.

The average gas price in the U.S. stands at $3.84 per gallon, as per AAA.

FREEDOM FUEL HAS ARRIVED. ⛽️🇺🇸 The FIRST Freedom Fuel Network gas station has LANDED in Philadelphia, lowering the price at the pump to $3.47 for our 47th President.

President Trump is leading the charge to lower gas prices this summer – putting more money in your pocket. 🔥 pic.twitter.com/lcrCuioQv5 — The White House (@WhiteHouse) July 7, 2026 Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors.

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