Japan's Seven & I raises profit forecast on N. America sales value growth

The consensus forecast was for profit of 470.4 billion yen, according to a Refinitiv survey of 14 analysts. The company cited strong fuel sales at its Speedway stores in North America as the reason for the revision, as well as a recovery to pre-pandemic levels at existing Seven-Eleven locations in Japan.

Japan's Seven & I Holdings raised its full-year profit forecast on Thursday as the weakening yen boosted the value of earnings from its North American convenience operations.

The company lifted its operating income estimate to 477 billion yen ($3.30 billion) in the year ending February 2023, from a previous figure of 455 billion yen. The consensus forecast was for profit of 470.4 billion yen, according to a Refinitiv survey of 14 analysts.

The company cited strong fuel sales at its Speedway stores in North America as the reason for the revision, as well as a recovery to pre-pandemic levels at existing Seven-Eleven locations in Japan. The yen has depreciated rapidly in the past two months, crossing 145 to the U.S. dollar for the first time in 24 years. Seven & I said it now expects the yen to trade at 131 to the dollar for the current fiscal year, versus 127 previously. ($1=144.5300 yen)

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