Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us
   


Photo: Stockfile/FIS

Seven-Eleven separates non-convenience stores, changes name and holds intermediate shares in anticipation of IPO

Click on the flag for more information about Japan JAPAN
Wednesday, October 16, 2024, 00:10 (GMT + 9)

August interim results show 22% drop in operating profit

On the 10th, Seven & i Holdings announced that it will establish an intermediate holding company on the 11th to consolidate its supermarket, restaurant and specialty store businesses, including Ito-Yokado. This is a measure in anticipation of a future listing of the business. In line with this, the company will change its name to "Seven-Eleven Corporation (tentative name)" next year. With foreign companies offering takeovers, the aim is thought to be to avoid takeovers by quickly divesting from businesses other than its mainstay convenience stores and increasing its corporate value.

In an online press conference, President Ryuichi Isaka stated the aim of the group reorganization, "The supermarket business grows at a different pace, so it is difficult to invest in growth under the same roof," emphasizing his intention to concentrate management resources on convenience stores. Regarding the approximately 7 trillion yen (aprox.U$D 47 billion) takeover proposal from Canadian convenience store giant Alimentation Couche-Tard, he said, "If it is a proposal to increase the company's value, we will respond sincerely."

The intermediate holding company will be called York Holdings. It will be fully owned by Seven & i, but will become an equity method affiliate by the end of the fiscal year ending February 2026 through outside investment and joint investment with the founding Ito family, and will boost its profitability in preparation for a future listing.

York Group has 31 companies under its umbrella, including supermarket chains, general merchandise store Loft, baby goods store Akachan Honpo, and Seven & i Food Systems, which operates the Denny's family restaurant chain. In addition, with regard to the financial business centered on Seven Bank, "we will consider the optimal capital relationship," according to Isaka.

The company announced its interim consolidated financial results for the fiscal year ending August 2024 on the 10th, reporting that convenience stores both at home and abroad struggled, with operating profit, which represents the profit from the company's main business, falling 22.4% year-on-year to 186.9 billion yen. In addition, the company recorded an extraordinary loss of approximately 45.8 billion yen due to Yokado's withdrawal from the online supermarket business. The company revised down its net profit forecast for the fiscal year ending February 2025 from 293 billion yen to 163 billion yen.

[email protected]
www.seafood.media


 Print


Click to know how to advertise in FIS
MORE NEWS
Viet Nam
Nov 12, 07:00 (GMT + 9):
Vietnam’s Seafood Exports to the U.S.: Opportunities and Challenges Post-Presidential Election
Russian Federation
Nov 12, 07:00 (GMT + 9):
Russian Fishermen Caught About 500 Thousand Tons of Sardine Iwashi
Norway
Nov 12, 02:50 (GMT + 9):
The Norwegian Pelagic Fishing Course in Week 45
European Union
Nov 12, 01:00 (GMT + 9):
EU Commission and Norway Reach Agreement on Svalbard Cod Quota for 2025 and Beyond
Argentina
Nov 12, 00:10 (GMT + 9):
Justice Department Investigates Federal Fisheries Council Over Alleged Bribery in Quota System
American Samoa
Nov 12, 00:10 (GMT + 9):
Samoa advances coastal fisheries governance with legal training for sustainable marine resource management
Indonesia
Nov 12, 00:10 (GMT + 9):
Indonesia-China strengthen cooperation in fisheries sector: Minister
Azerbaijan
Nov 12, 00:00 (GMT + 9):
IN BRIEF - ICFA Releases Resolution Ahead of United Nations Climate Change Conference (COP 29)
Iran
Nov 12, 00:00 (GMT + 9):
Fishery production in Iran increases by 32 percent in 7 months annually
United States
Nov 11, 23:00 (GMT + 9):
IN BRIEF - NFI Annual Top 10 List Looks at Seafood’s Most Consumed Species in 2022
Worldwide
Nov 11, 08:00 (GMT + 9):
FAO GLOBEFISH: International trade of canned and processed fish (HS 1604) in 2019-2023
Japan
Nov 11, 06:40 (GMT + 9):
Abashiri Autumn Salmon Catch Update: 8.76 Million Fish, Valued at U$D 182M
France
Nov 11, 05:00 (GMT + 9):
Capécure's Transformation: A Fresh Face for Hauts-de-France’s Seafood Sector
United Kingdom
Nov 11, 00:10 (GMT + 9):
MSC: 'Climate change compounding challenge of nations sharing mackerel and herring in North-East Atlantic'
China
Nov 11, 00:10 (GMT + 9):
Possibilities for importing live snow crabs of Norwegian origin



Lenguaje
FEATURED EVENTS
  
TOP STORIES
International Market Overview for Norwegian Cod (Fresh, Frozen, Farmed, Salted, Dried)
Norway Good month for fresh cod Norway exported 1,774 tonnes of fresh cod worth NOK 115 million in October The value increased by NOK 3 million, or 3 per cent, compared with the same month last y...
Hirose Suisan Expands Scallop Processing with New Facility
Japan Hirose Suisan Co.,Ltd, a surimi producer based in Okoppe, Hokkaido, is set to double its scallop processing capacity with a new facility. Known for its pollock surimi, the company now aims to make sca...
Revo Foods and Paleo Secure €2.2 Million in Funding for Vegan Salmon Innovation
Austria Funding supports myoglobin development for salmon alternatives using Paleo’s precision fermentation and Revo Foods' 3D structuring technology THE FILET – Inspired by salmon is a vegan alternati...
The total catch of aquatic bioresources approached 4.3 million tons
Russia Fed. According to the industry monitoring system of the Federal Agency for Fisheries (Federal Service for Fisheries and Oceanography), the catch of aquatic bioresources by all Russian users amounted to alm...
 

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
Costa Meeresspezialitäten GmbH & Co. KG
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2024 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER