Retail Sector Implications for Seven & i Holdings from CASY’s Feb-Apr results

Research evidence excerpt

Retail Sector Implications for Seven & i Holdings from CASY’s Feb-Apr results

J P M O R G A N Asia Pacific Equity Research

11 June 2026

Retail Sector

Implications for Seven & i Holdings from CASY’s Feb-

Apr results

• CASY still reporting strong earnings: In February-April (4Q) results posted Japan Equity Research

on June 9 (local time), Casey’s General Stores (hereafter, CASY; covered by

Retail

Thomas Palmer; report) reported EBITDA of US$350 million (+33.2% YoY),

sharply overshooting the JPM estimate of US$314 million and the Bloomberg Dairo Murata AC

consensus estimate of $303 million. Earnings have remained strong since (81-3) 6736 8620

dairo.murata@jpmorgan.com

FY4/24, with EBITDA growth surpassing the Bloomberg consensus estimate.

Ami Terai

CASY commented as follows: “Casey’s delivered another record fiscal year as (81-3) 6736-8660

our team closed out the three-year strategic plan on an extremely high note…. ami.terai@jpmorgan.com

Inside same-store sales for the year were extremely strong, up 4.2%, or 7.0% Kazuha Matsuo

on a two-year stack basis, led by strong performance in prepared foods and (81-3) 6736-8614

non-alcoholic beverages. Our fuel team did a great job balancing gallons sold kazuha.matsuo@jpmorgan.com

with fuel margin, as fiscal 2026 fuel gross profit increased 21% from the prior JPMorgan Securities Japan Co., Ltd.

year. The operations team performed exceptionally well over the course of the

year as we reported substantial EBITDA growth while same-store labor hours

were slightly favorable for the year.” In addition, the company disclosed new

guidance for FY2027.

• 4Q merchandise sales: 4Q same-store sales in the grocery and general

merchandise segment rose 5.1% YoY while the gross margin was 35.7% (up