Seven & I Posts 14% Drop In FQ2 Net Profit, Lowers Full-Year Forecast

Seven & I Holdings Co SVNDY reported a 14% drop in its net profit for the fiscal second quarter and cut its full-year forecast. Seven & I's quarterly net profit fell to Y34.32 billion, from a year-ago profit of Y39.69 billion. Its revenue gained 0.7% to Y1.244 trillion from Y1.235 trillion. However, operating profit declined 2.5% to Y79.90 billion from Y81.96 billion. For the full business year, the company lowered its net profit forecast to Y143 billion from Y155 billion. It cut its revenue forecast to Y5.030 trillion, from Y5.060 trillion. Seven & I shares closed at $59.34 yesterday.