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Japan’s Seven & I forecasts modest profit recovery

Japan’s largest retailer Seven & I Holdings on Thursday forecast 6 percent growth in operating profits for the year starting in March as it slashes costs and hopes for a recovery in consumer spending.

The firm, which runs over 12,000 Seven-Eleven convenience stores in Japan and thousands more overseas, said operating profits fell 20 percent to JPY226.7 billion (USD2.42 billion) for the year ending in February.

Market participants are closely watching for signs that Seven & I and its rivals are over the worst of the retail slump and that a recent export-led economic recovery in Japan will eventually trickle down to most consumers.

(Source: CNBC)