×
74 678
Fashion Jobs
COLUMBIA
Global Merchandising Manager – Equipment & Accessories
Permanent · PORTLAND
SOREL
Director, Ecommerce
Permanent · PORTLAND
OLD NAVY
General Manager - Eastchase Plaza
Permanent · MONTGOMERY
JCPENNEY
Asset Protection Manager, Holyoke, ma
Permanent · Holyoke
NORDSTROM
Asset Protection - Security Ambassador - Northshore
Permanent · Peabody
NORDSTROM
Asset Protection - Agent - Belle Isle Station Rack
Permanent · Oklahoma City
NORDSTROM
Asset Protection - Agent - City Creek Center
Permanent · Salt Lake City
RALPH LAUREN
General Manager
Permanent · Southampton
URBN
pv Rittenhouse | Assistant General Manager (m&v)
Permanent · PHILADELPHIA
URBN
Free People Assistant Visual Manager
Permanent · NASHVILLE
SACKS
Lead, Inventory Control And Quality Insurance, 2nd Shift
Permanent · WILKES-BARRE
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Warsaw
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · North Andover
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Saint Joseph
KOHLS
Senior Product Manager, Marketplace, Remote
Permanent · Menomonee Falls
SALLY BEAUTY CORPORATE
00014 Certified Color Consultant
Permanent · LOS ANGELES
SALLY BEAUTY CORPORATE
Usa-100598-Product Owner - Digital
Permanent · DENTON
SALLY BEAUTY CORPORATE
Usa-100598-Product Owner - Digital
Permanent · DENTON
DECKERS
Stock Operations Lead, Ugg
Permanent · WHITE PLAINS
BLOOMINGDALE'S
Manager, Sales - Shoes/Handbags
Permanent · HUNTINGTON STATION
BLOOMINGDALE'S
Asset Protection Detective, Full Time, San Francisco
Permanent · SAN FRANCISCO
ADIDAS
Retail General Manager Adidas - Citadel Outlets 6202, Commerce ca
Permanent · COMMERCE
By
Reuters
Published
Jun 22, 2011
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Seven & I likely to raise profit outlook

By
Reuters
Published
Jun 22, 2011

June 22 - Japanese retailer Seven & I said on Wednesday it is likely to raise its full-year profit forecast given stronger-than-expected sales growth after the March 11 earthquake and tsunami.


Seven & I

"We have seen very solid results so far," Noritoshi Murata, president of Japan's largest retailer, told the Reuters Rebuilding Japan Summit in Tokyo.

"We had thought the disaster would have a negative impact of about 38 billion yen on (annual) operating profit, but I now think we were overreacting. We can definitely top our forecast," he said, adding that the firm would wait a while before actually lifting the outlook.

Seven & I has forecast a 1.9 percent gain in operating profit to 248 billion yen ($3.1 billion) for the financial year through February.

Contrary to widespread fears of a deep slowdown in spending in the wake of the disaster, the company has seen strong sales growth, Murata said.

The company has forecast same-store sales at Seven-Eleven stores in Japan to rise 2.2 percent for the current financial year, but monthly sales rises in April and May came in at 5 percent and 6.5 percent, respectively.

"And June sales are moving beyond these (figures)," Murata said.

The firm has over 13,000 Seven-Eleven convenience stores in Japan and thousands more overseas as well as supermarkets, department stores and specialty shops.

Murata, 67, joined Ito Yokado, a supermarket chain that would become later core unit of Seven & I, in 1971, and assumed his current post in 2005.

CHANGE IN CONSUMER BEHAVIOR?

Murata said he has been sensing a change in consumer behavior.

"So far, price had been the central concern for consumers, but they have started seeking quality or individual needs," he said.

"They are not buying things just because they are cheap. It could mark a big shift in the more than decade-long deflationary trend," he said.

Murata also said the company has no interest in taking part in consolidation in Japan's convenience store sector.

He said the Seven-Eleven chain would continue to pursue organic growth in the country and that this would be more efficient than acquisitions.

Earlier this week, Takeshi Niinami, president of rival convenience store chain Lawson (2651.T), said at the Reuters Summit that further consolidation is inevitable in the sector, which has over 43,000 stores, and only the top two players would be able to survive.

Niinami said his company would actively pursue acquisition opportunities.

(Reporting by Taiga Uranaka; Editing by Joseph Radford and Chris Gallagher)

© Thomson Reuters 2023 All rights reserved.

Tags :
Retail