The flagship convenience store business is humming, with revenues surging 29.8 per cent in 2019 to 3.776 trillion. This segment still punches above its weight from a group perspective, and provides the lions share of operating profits (about 80 per cent) while accounting for just over half of total revenues.
Same-store sales growth in Japan was up 1.3 per cent year-on-year. Spending per customer ticked up, with a higher proportion of ready-to-eat meals in the sales mix (part of a national trend). During the reporting period the company added 616 stores in Japan, taking the total to 20,876. Just over 903 US stores were added, to a total of 9573.
The group earnings miss was largely due to the weak performance of the department stores, which …
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