Seven & I Holdings Co., which owns the Ito-Yokado and Seven- Eleven Japan retail store and Denny's Japan restaurant chains, said Thursday its group net profit in the March-May period plunged 46.1 percent from a year earlier to 13.11 billion yen, due partly to the March 11 earthquake and tsunami in northeastern Japan.
Pretax profit rose 29.5 percent to 68.21 billion yen. But the bottom line showed a year-on-year decline after the company booked an 18.1 billion yen special loss in disaster-related costs, and a 22.5 billion yen debit due to accounting standard changes.
Group first-quarter sales declined 9.9 percent to 1.12 trillion yen, partly reflecting a change in procedures for booking sales for its U.S. convenience store business, the company said.
Seven & I revised upward its earnings estimates for the year to February 2012, as the first-quarter results were better than expected.
Full year net profit is now projected to decline only 6.2 percent to 105.00 billion yen, compared to 87.50 billion yen forecast earlier. Sales are expected to fall 8.6 percent to 4.68 trillion yen, against 4.60 trillion yen forecast earlier.