Seven & I Hldgs Co Ltd (SVNDF) Q1 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you. Good afternoon once again. I am Maruyama from 799 Holdings. Thank you very much for your continuous understanding and support. I'd like to express my heartfelt gratitude and thank you also for attending this briefing. Let me now explain FY 2024 Q1 results. Next page, please. Page 2. This is the executive summary for today. First, the consolidated financial results for Q1 FY 2024 was down on both operating income and net income basis. However, this is in line with our planned level. Japan and U.S. CVS business, which is the main driver for the group's performance, as customers' consumption behavior changed due to external environment and consumer sentiment demand due to inflation. We took various measures, including the improvement of customer count, but could not produce expected results, which is shown in this Q1 results. The response to the continuous changes that we always focus on was not sufficient. However, the reasons are clear. And we are now changing and revising our measures and taking new measures. So I will explain that later. In metropolitan superstore business, fundamental reform, this is progressing as planned. And the focus of the transformation is now shifting from cost structural reform to sales and profit improvement. And concrete action plan to maximize our corporate and shareholder value of our group, which was announced on April 10, is now being examined on concrete terms now. So let me explain one by one. Page three, please. This shows the progress of our strategic initiative in our medium-term management plan. The new outcome is on April 16th, we completed the acquisition of Sunoco Stripes. On the other hand, we completed the sales of Nissan Holdings on July 1st. Our strategic initiative to become the world's top class retail group ...