Seven & I Reports 46.1% Decline In Q1 Net Profit

Seven & I Holdings Co Ltd SVNDY reported a 46.1% y/y drop in its net profit for the fiscal first quarter ended May. The group's net profit came in at Y13.11 billion, versus a year-ago profit of Y24.29 billion. Its revenue fell 9.9% to Y1.122 trillion from Y1.246 trillion. Its operating profit surged 30% to Y68.23 billion. For this fiscal year ending February 2012, the group lifted its earnings forecast to Y105 billion from Y87.5 billion. It also lifted its group operating forecast to Y274 billion from Y248 billion. The group also lifted its revenue projections to Y4.68 trillion from Y4.60 trillion. SVNDY shares gained 1.12% to close at $54.95 yesterday. Read more from Benzinga's Company news.