Seven & i Holdings: F2/27 1Q Results: Sharp Rise in N America CPG Drives Consolidated Earnings

研报英文原文证据摘录

Seven & i Holdings: F2/27 1Q Results: Sharp Rise in N America CPG Drives Consolidated Earnings

Update

July 9, 2026 11:59 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSeven & i Holdings (3382) | Japan Ai Furukawa

Equity Analyst

F2/27 1Q Results: Sharp Rise in Ai.Furukawa@morganstanleymufg.comHiroshi Koba +81 3 6836-5461

Hiroshi.Koba@morganstanleymufg.com +81 3 6836-8942

N America CPG Drives

Consolidated Earnings

Reaction to earnings

Seven & i Holdings (3382.T, 3382 JT)

Unchanged Modest upside Modest revision higher Convenience Stores | Japan

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Industry View In-Line

Source: Company data, Morgan Stanley Research Price target ¥2,300

Shr price, close (Jul 9, 2026) ¥2,029

Mkt cap, curr, basic (bn) ¥5,284.6

Key Takeaways Avg daily trading value (bn) ¥15.4

Seven & i beat its 1Q OP plan by ¥44bn.

While the result was largely driven by the contribution from gasoline sales in N

America, management expressed confidence in the steady progress and tangible

impact of merchandise improvement initiatives in both Japan and the US.

The upward revision to full-year OP guidance was smaller than the 1Q beat,

mainly because the company lowered its outlook for gasoline sales in anticipation

of substantial market effects in 2H.

There was no buyback-related announcement, but management reiterated that

its shareholder return policy remains unchanged.

Results: Seven & i reported F2/27 1Q OP of ¥105bn (+¥57.8bn/+122% YoY on a like-

for-like basis), topping FactSet consensus for ~¥63.2bn and our ¥67.4bn forecast).

The company beat its own 1Q OP plan by ¥44bn. Upside to guidance included +

¥0.8bn from domestic convenience store business, +¥40.3bn from overseas