In the fiscal year under review, the Japanese economy showed signs of improvement due to the normalization of economic activity as further progress was made on the easing of activity restrictions, including reclassification of COVID-19’s category to Class 5 under the Act on the Prevention of Infectious Diseases and Medical Care for Patients with Infectious Diseases. However, consumer spending has not recovered yet due to rising prices associated with soaring energy and raw material costs. Furthermore, the outlook remained uncertain, mainly owing to concerns about the impact of global monetary tightening on business conditions, in addition to the impact of fluctuations in foreign exchange rates.
In North America, the effects of continued inflation, monetary tightening, and certain other factors led to growing concerns about an economic slowdown, although employment conditions continued to improve. Consumer spending continued to fall, owing primarily to a decline in personal savings among middle- and low-income earners.
In this environment, the Seven & i Group aims to be “a world-class retail group centered around its ‘food’ that leads retail innovation through global growth strategies centered on the 7-Eleven business and proactive utilization of technology.” To achieve this goal, the Group has been pushing ahead with the business strategies and Group strategy laid out in the updated Medium-Term Management Plan (announced on March 9, 2023).
Our consolidated results for the fiscal year ended February 29, 2024 are summarized below.
“Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March 31, 2020), etc. have been applied since the fiscal year ended February 28, 2023.