Seven & i Holdings Co.’s profit beat estimates, as a cost-cutting drive boosted margins at the 7-Eleven convenience store operator’s North American unit.
Operating profit for the three months ended May 31 rose 9.7% from a year earlier to ¥65.1 billion ($445 million), the company said in a statement Thursday, exceeding the average ¥61.8 billion estimated by analysts.
The Japanese retailer, the target of a takeover proposal by Canadian retailer Alimentation Couche-Tard Inc., has been taking steps to unlock shareholder value including selling an under-performing superstore unit, divesting its banking unit and announcing a share buyback. The board ...
