TOKYO (Reuters) -Japan’s Seven & i Holdings said on Thursday operating profit rose 9.7%% in the March to May quarter, beating analyst estimates, boosted by stronger performance at its overseas convenience stores.
Profit was 65.1 billion yen ($445.19 million). That compared with an estimate of 58 billion yen from six analysts polled by LSEG.
Seven & i is under pressure to improve its business performance as it faces a $47 billion takeover proposal from Canada’s Alimentation Couche-Tard.
The Japanese retailing giant previously announced a share buyback, is selling off non-core assets and plans to list its North American convenience store business.
Seven & i shares closed down 1.6% ahead of its earnings and have fallen 13% year-to-date.
The retailer maintained its earnings forecast.
($1 = 146.2300 yen)
(Reporting by Sam Nussey; Editing by Jacqueline Wong)
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