Tokyo, July 8 - Japan's largest retailer Seven & I Holdings Co Ltd said on Tuesday its first-quarter operating profit was flat as lower superstore and department store sales offset solid growth at its convenience store unit.
The firm, which operates Seven-Eleven convenience stores at home and overseas and Ito-Yokado general merchandising stores, said its operating profit came at 71.08 billion yen for the quarter ended in May, versus 71.06 billion yen a year earlier.
Japanese retailers are facing a tough market as rising prices of gasoline and food have forced consumers to cut back spending, hitting general merchandising stores and department stores hard, as they have a higher proportion of non-grocery items.
Shares of Seven & I have fallen 4 percent this year, outperforming a 13 percent decline in the benchmark Nikkei share average.