Seven & i Holdings, the parent company of 7-Eleven, reported on Thursday that its net income for the first fiscal quarter ending in May fell by 49% to 21.39 billion yen (approximately $0.1322 billion), far below the analysts' average expected 41.73 billion yen.
The company attributed the decline in profit to weak earnings in various departments, especially in overseas convenience store business.
Seven & i has been taking measures to focus on its convenience store business and restructure other businesses. The company acquired most of Sunoco's convenience stores and RBOB gasoline retail business for $0.95 billion in April in an effort to seek growth in the North American market.