Seven & I has announced that operating profit for the first quarter ended in May fell 17.5 per cent, a result of falling sales during the current economic crisis.
Earnings at the group's Seven-Eleven convenience stores, which accounted for three quarters of its operating profit, dropped by 3.2 per cent through the quarter.
According to Reuters, the group's cost-cutting efforts had been unable to offset sharp falls in sales, with the groups profit margin hit by markdowns.
However, the retailer has kept its yearly forecast of 1.1 per cent growth for 2009.
No comments yet