Seven & i Holdings, a major distribution company, reported sales of more than 2 trillion yen for the entire group for the year to February, exceeding 1 trillion yen for the first time in the Japan retail industry. Although the supermarket and department store businesses continued to perform poorly due to the effects of high prices, the strong convenience store business supported the business.
According to the announcement, Seven & i's overall financial results for the year to February totaled 2.1 trillion yen, up 11% from the previous year.
This is the first time that sales in the retail industry in Japan have exceeded 8113 trillion yen.
Our mainstay convenience store business performed well, and in addition to expanding our overseas business, we also increased sales in Japan by reviewing our own brands.
The final profit was 35.10 billion yen, a record high of 2809% more than the previous year.
However, on the other hand, Ito-Yokado, a general supermarket, posted a final loss for the third consecutive year due to soaring raw material prices and energy costs, and Sogo Seibu department store posted a final loss for the fourth consecutive year.
Seven & i is reviewing its group strategy, including deciding to sell Sogo and Seibu in order to concentrate management resources on the convenience store business, and by drastically reducing the number of stores at Ito-Yokado to concentrate on the food business.
Seven & i Holdings also announced that it has entered into an agreement to sell all of its shares in Barneys Japan, a subsidiary of Barneys New Japan York, a luxury clothing retailer, to Laox Holdings, Inc., a consumer electronics retailer.