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Investing.com -- Seven & i Holdings (TYO:3382) reported a more than doubling of its net profit in the second quarter, driven by stronger earnings at its convenience-store operations in Japan and overseas.
The 7-Eleven owner said Thursday that second-quarter net profit rose to 72.79 billion yen ($476.69 million) from ¥30.85 billion in the same period last year. The result exceeded analyst expectations of ¥59.6 billion according to a Visible Alpha poll.
Revenue for the three months ended August 31 decreased to ¥4.523 trillion from ¥4.998 trillion a year earlier, though this still beat analyst estimates of ¥3.017 trillion.
The company’s overseas convenience-store business saw operating profit rise to ¥71.44 billion in the second quarter from ¥68.85 billion a year earlier.
Meanwhile, the domestic convenience-store business increased its operating profit to ¥67.26 billion from ¥66.46 billion.
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