7-Eleven operator foresees slower profit growth after Japan tax hike

TOKYO: Seven & I Holdings Co, the world's biggest convenience store operator, forecast a slowdown in profit growth for the year from March 1 as a sales tax increase erodes earnings at its supermarkets and department stores even as sales remain strong at its 7-Eleven shops.

The company, which operates Ito Yokado supermarkets and Sogo department stores, forecast a 4.8% rise in operating profit to 356 billion yen (US$3.43bil), a record for a fourth year in a row but slowing from 14.9% growth in the year just ended.