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By
Reuters
Published
Sep 1, 2009
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Seven & I cuts profit forecast 12% on weak economy

By
Reuters
Published
Sep 1, 2009

TOKYO, Sept 1 (Reuters) - Japan's largest retailer, Seven & I Holdings (3382.T), cut its annual operating profit forecast by 12 percent on Tuesday 1 September as a sluggish economy and unfavourable summer weather depressed sales.


Seven & I

Seven & I and its rivals are suffering from a retail slump amid Japan's deepest post-war recession, as consumers defer buying clothing and non-essential items or defect to cheaper speciality stores such as casual apparel chain Uniqlo.

The company lowered its operating profit forecast for the year to February 2010 to 250 billion yen from 285 billion yen, while cutting its sales estimate by 2.5 percent to 5.18 trillion yen.

The new profit forecast is below the market consensus of 271.6 billion yen from 16 analysts polled by Thomson Reuters I/B/E/S.

Seven & I, which operates Seven-Eleven convenience stores, said poor weather conditions had depressed sales of beverages and other summer items and that it had also been hit by falling prices for clothing and food.

Prior to the announcement, shares of Seven & I fell 0.9 percent to 2,230 yen. The benchmark Nikkei average .N225 rose 0.4 percent. (Reporting by Nathan Layne; Editing by Rodney Joyce and Joseph Radford)

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