Seven & i Holdings reported a drop in quarterly net profit but promised to complete a restructuring and seek further growth globally as it faced a takeover offer from the Canadian owner of Circle K.
For the three months ended November, the company’s net profit dropped 89% from a year earlier to 11.39 billion yen, equivalent to $71.9 million. That missed the estimate of ¥76.8 billion in a poll of analysts by data provider Visible Alpha. Third-quarter revenue was virtually flat at ¥3.034 trillion.

Operating profit for its domestic convenience-store business declined 8.7% to ¥55.21 billion because of lower revenue, higher rent and utility expenses.
Operating profit for its overseas convenience-store business fell 29% to ¥83.6 billion due partly to weaker fuel sales.
Seven & i Holdings kept its revenue and net profit forecasts for the fiscal year ending February. It expects revenue to grow 3.5% to ¥ 11.879 trillion but net profit to drop 27% to ¥ 163.00 billion.