Japanese Retail Group Seven & I Surge More Than 5% Following Job Cut Announcement By Investing.com

© Reuters.

Investing.com – Japan-listed Seven & i Holdings Co., Ltd. (T:) traded higher on Friday in Asia after the company announced that it will close nearly 1,000 7-Eleven convenience stores and cut around 3,000 jobs over the next few years.

Seven & I reiterated its forecast of a rise in annual operating profit to 420 billion yen ($3.89 billion), according to a company statement.

Shares of the company traded as much as 5.9% earlier in the day following the release of the filing.

However, there were some concerns on Seven & I’s margin going forward, as the company said it is lowering franchise fees at its convenience stores and offer owners more assistance to keep them open 24 hours.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.