Seven & i : Brief Summary for the First Quarter of FY2022

Brief Summary

for the First Quarter of FY2022

(Year Ending February 28, 2023)

Contents

Consolidated Results

Results	P1
Major Factors for the Change	P2
Segment Information	P3
Interest-Bearing Debt & Ratings	P4
Consolidated Balance Sheets	P6
Consolidated Statements of Income	P7
Consolidated Statements of Cash Flows	P8
Results and Business Performance of Major Companies
Domestic Convenience Store Operations	P9
Overseas Convenience Store Operations	P10
Superstore Operations	P12
Department and Specialty Store Operations	P15
Financial Services	P17
Capital Expenditures, Depreciation and Amortization of Major Companies	P18
Store Information
Number of Stores and Store Openings / Closures of Major Companies	P19
Store Information in Domestic / Overseas Convenience Store Operations	P20
Store Information in Superstore Operations	P21
Number of Stores by Type	P22
Sales Floor Space	P22

Fiscal years are indicated by the year in which that fiscal year begins, starting from the first quarter of the fiscal year ending February 28, 2023.

July 7, 2022

Seven & i Holdings Co., Ltd.

■Consolidated Results

Results											(Millions of yen)
		Three Months Ended	Three Months Ended		Fiscal Year Ended	Fiscal Year Ending
		May 31, 2021	May 31, 2022		Feb. 28, 2022			Feb. 28, 2023 (Forecasts)
			YOY(%)		YOY(%)			YOY(%)		YOY(%)
Group's total sales	2,871,482	107.9		3,839,756	133.7	14,243,270		129.0		16,402,000	115.2
Gross revenues from operations [reference]				2,615,812	168.2						11,134,000	127.2
	Domestic convenience store operations				221,529	101.8						886,000	101.5
	Overseas convenience store operations				1,723,889	253.8						7,410,000	142.7
	Superstore operations				439,690	97.3						1,850,000	102.2
	Department and specialty store operations				188,468	113.1						817,000	114.7
	Financial services				50,681	103.2						209,000	107.5
	Others				5,697	119.4						25,000	122.9
	Eliminations / Corporate				(14,143)	-						(63,000)	-
Revenues from operations	1,555,371	111.8		2,447,317	157.3	8,749,752		151.7		10,413,000	119.0
	Domestic convenience store operations	217,536	106.4		215,243	98.9	873,239		101.7		855,000	97.9
	Overseas convenience store operations	679,296	112.5		1,723,889	253.8	5,194,327		230.5		7,410,000	142.7
	Superstore operations	451,684	105.5		355,772	78.8	1,810,728		100.0		1,495,000	82.6
	Department and specialty store operations	166,636	142.1		112,904	67.8	712,282		104.0		487,000	68.4
	Financial services	49,101	99.5		47,560	96.9	194,399		97.7		200,000	102.9
	Others	4,771	131.9		5,829	122.2	20,340		117.4		24,000	118.0
	Eliminations / Corporate	(13,655)	-		(13,884)	-	(55,567)		-		(58,000)	-
Operating income (loss)	77,512	108.6		102,367	132.1	387,653		105.8		445,000	114.8
	Domestic convenience store operations	60,573	116.0		59,282	97.9	223,396		95.6		230,300	103.1
	Overseas convenience store operations	12,136	111.1		43,981	362.4	159,866		162.0		238,500	149.2
	Superstore operations	5,843	56.3		3,517	60.2	18,791		63.3		21,700	115.5
	Department and specialty store operations	(3,442)	-		1,086	-	(8,153)		-		5,500	-
	Financial services	10,431	90.8		9,205	88.2	37,549		78.1		35,000	93.2
	Others	291	-		(90)	-	(115)		-		800	-
	Eliminations / Corporate	(8,320)	-		(14,614)	-	(43,681)		-		(86,800)	-
Ordinary income	69,869	100.6		95,519	136.7	358,571		100.3		413,500	115.3
Special gains	7,322	-		6,234	85.1	22,011		211.0
Special losses	12,479	30.7		7,550	60.5	68,728		63.0
Income before income taxes	64,713	220.2		94,203	145.6	311,854		120.5
Net income attributable to owners of parent	43,018	308.7		65,039	151.2	210,774		117.6		247,000	117.2
EBITDA	145,669	107.0		214,408	147.2	751,491		119.9		927,900	123.5
ROA (%)						2.7
ROE (%)						7.5				7.7
Net income per share (EPS) (yen)	48.72	308.5		73.65	151.2		238.68		117.6		279.68	117.2
EPS before amortization of goodwill (yen)	55.92	246.8		101.82	182.1	319.40		138.0		401.63	125.7
Number of shares outstanding
Average		882,969,270			883,118,369	883,065,915
End of period		883,012,666			883,149,600	883,116,298

Exchange rates						(yen)
			Three Months Ended	Three Months Ended	Fiscal Year Ended	Fiscal Year Ending
			May 31, 2021	May 31, 2022	Feb. 28, 2022	Feb. 28, 2023 (Forecasts)
Income statements	U.S.$1=	106.09	116.34	109.90	127.00
	1yuan=	16.38	18.31	17.04	19.00
Balance sheets	U.S.$1=	110.71	122.39	115.02	-
	1yuan=	16.84	19.26	18.06	-

Notes: 1. "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. have been applied from the fiscal year ending February 28, 2023. Revenues from operations based on the previous accounting standard restated as "Gross revenues from operations [reference]. "

1. Group's total sales include the sales of Seven-Eleven Japan, Seven-Eleven Okinawa and 7-Eleven, Inc. franchisees.
2. In accordance with our Medium-Term Management Plan announced on July 1, 2021, we reclassified our operating segments, effective from the second quarter for the fiscal year ended February 28. 2022. Figures in the tables have been restated to reflect this change.
3. "Eliminations / Corporate" in operating income mainly reflects the Company's operating expenses relating to the Group strategy.

5.	EBITDA: Operating income + Depreciation and amortization + Amortization of goodwill* *Amortization of goodwill: Only figure included in SG&A expenses
6.	ROA: Net income attributable to owners of parent / Average of total assets at the beginning and the end of each fiscal year
7.	ROE: Net income attributable to owners of parent / Average of owners' equity* *Owners' equity: Net assets - Subscription rights to shares - Non-controlling interests at the beginning
	and the end of each fiscal year

1. EPS: Net income attributable to owners of parent / Weighted average shares outstanding during the period
2. EPS before amortization of goodwill: (Net income attributable to owners of parent + Amortization of goodwill) / Weighted average shares outstanding during the period.
3. Number of shares outstanding at each fiscal year-end and of weighted average shares over each fiscal period do not include treasury stock. Seven & i Holdings introduced the BIP Trust and ESOP Trust and its shares held by these Trusts are included in the number of treasury stock.

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Major Factors for the Change

Group's total sales*1

Gross revenues from operations [reference]

Revenues from operations

Operating income (loss)

Domestic convenience store operations

Overseas convenience store operations

Superstore operations

Department and specialty store operations

	(Millions of yen)	(Billions of yen)
	Three Months Ended
	May 31, 2022	Major Factors for the Change
		Change
				Total store sales at Seven-Eleven Japan: +24.7
3,839,756	+968,274
				Total store sales at 7-Eleven, Inc.: +1,086.7
				[Effect of exchange rate: +183.5]
2,615,812	+1,060,440		Domestic CVS: +3.9, Overseas CVS: +1,044.5, Superstore: (11.9),
				Department and specialty store: +21.8, Financial services: +1.5
				[Effect of exchange rate: +153.3]
2,447,317	+891,945		Domestic CVS: (2.2), Overseas CVS: +1,044.5, Superstore: (95.9),
				Department and specialty store: (53.7), Financial services: (1.5)
				[Effect of exchange rate: +153.3]
102,367	+24,855		[Effect of exchange rate: +3.8]
59,282	(1,290)		Seven-Eleven Japan: (0.73)
				Revenues: (1.7), Gross profit margin: +0.18, SG&A expenses: +0.85
				Others: (0.56)
43,981	+31,844		7-Eleven, Inc.: +50.1 [of which, effect of exchange rate: +5.9]
				Revenues: +105.2, Gross profit margin*2: +67.7, SG&A expenses: (122.8)
				Others: +0.20
				Amortization of goodwill: (18.5) [of which, effect of exchange rate: (2.1)]
3,517	(2,325)		Ito-Yokado: +0.11
				Revenues: (20.7), Gross profit margin: +19.8, SG&A expenses: +1.0
				York-Benimaru: +0.92
				Revenues: +0.50, Gross profit margin: +5.3, SG&A expenses: (4.9)
				Others: (3.3)
1,086	+4,529		Sogo & Seibu: +2.2
				Revenues: +2.8, Gross profit margin: +0.06, SG&A expenses: (0.60)

Seven & i Food Systems: +1.1

Nissen Holdings [Consolidated]: +0.20

Others: +0.91

Financial services	9,205	(1,226)
Others	(90)	(381)
Eliminations / Corporate*3	(14,614)	(6,294)
Ordinary income	95,519	+25,649	Increase in operating income, decrease in non-operating expenses
Income before income taxes	94,203	+29,490	Decrease in special losses
Net income attributable to	65,039	+22,020
owners of parent

*1. Group's total sales include the sales of Seven-Eleven Japan, Seven-Eleven Okinawa and 7-Eleven, Inc. franchisees.

*2. A decrease in gross profit on merchandise was outweighed by growth in gross profit on fuel, leading to a year-on-year increase in the overall gross profit margin factor.

*3. Eliminations / Corporate in operating income mainly reflect the Company's operating expenses relating to the Group strategy.

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Segment Information

Operating segment information									(Millions of yen)
			Three Months Ended	Three Months Ended	Fiscal Year Ended	Fiscal Year Ending
			May 31, 2021	May 31, 2022		Feb. 28, 2022		Feb. 28, 2023 (Forecasts)
				YOY(%)		YOY(%)	Composition(%)		YOY(%)		YOY(%)
	Capital expenditures	94,678	123.9	81,970	86.6	100.0	439,630		116.5	535,900	121.9
		Domestic convenience store operations	22,578	151.0	15,636	69.3	19.1	99,801		77.9	102,900	103.1
		Overseas convenience store operations	34,394	125.6	32,946	95.8	40.2	178,435		122.2	244,400	137.0
		Superstore operations	16,480	216.8	10,086	61.2	12.3	62,139		128.4	59,000	94.9
		Department and specialty store operations	4,019	29.1	3,371	83.9	4.1	15,090		57.7	28,000	185.6
		Financial services	10,184	118.5	8,390	82.4	10.2	37,323		94.9	40,800	109.3
		Others	176	26.0	30	17.2	0.0	2,323		239.0	1,100	47.3
		Eliminations / Corporate	6,845	202.3	11,508	168.1	14.0	44,516		-	59,700	134.1
	Depreciation and amortization	61,802	105.3	87,164	141.0	100.0	292,561		124.2	375,200	128.2
		Domestic convenience store operations	19,385	100.8	20,977	108.2	24.1	80,781		103.0	84,400	104.5
		Overseas convenience store operations	22,692	110.8	41,858	184.5	48.0	127,193		153.8	190,800	150.0
		Superstore operations	6,875	101.0	8,415	122.4	9.7	28,600		106.2	31,700	110.8
		Department and specialty store operations	3,565	98.7	3,551	99.6	4.1	14,460		99.1	16,700	115.5
		Financial services	7,538	99.0	8,697	115.4	10.0	31,783		110.5	35,500	111.7
		Others	210	71.6	238	113.2	0.3	877		86.3	1,200	136.8
		Eliminations / Corporate	1,534	233.9	3,425	223.2	3.9	8,865		291.8	14,900	168.1
	Amortization of goodwill	6,353	104.8	24,876	391.5	100.0	71,276		284.6	107,700	151.1
		Domestic convenience store operations	-	-	-	-	-	-		-
		Overseas convenience store operations	5,373	105.8	23,896	444.7	96.1	67,355		318.9
		Superstore operations	774	100.0	774	100.0	3.1	3,098		100.0
		Department and specialty store operations	115	-	115	100.0	0.5	462		100.0
		Financial services	89	100.0	89	100.0	0.4	359		100.0
		Others	-	-	-	-	-	-		-
		Corporate	-	-	-	-	-	-		-
	EBITDA	145,669	107.0	214,408	147.2	100.0	751,491		119.9	927,900	123.5
		Domestic convenience store operations	79,958	111.9	80,260	100.4	35.6	304,178		97.5
		Overseas convenience store operations	40,202	110.2	109,735	273.0	48.6	354,415		175.0
		Superstore operations	13,493	75.2	12,708	94.2	5.6	50,490		84.6
		Department and specialty store operations	238	-	4,754	-	2.1	6,769		-
		Financial services	18,059	94.1	17,993	99.6	8.0	69,692		90.3
		Others	501	-	147	29.4	0.1	761		170.9
		Eliminations / Corporate	(6,785)	-	(11,189)	-	-	(34,815)		-
	Impairment loss	2,252	55.2	2,092	92.9	100.0	27,775		78.3
		Domestic convenience store operations	809	68.2	581	71.8	27.8	9,944		112.2
		Overseas convenience store operations	124	121.8	673	539.5	32.2	2,359		39.9
		Superstore operations	393	54.1	351	89.3	16.8	6,359		54.9
		Department and specialty store operations	920	162.0	433	47.1	20.7	7,882		103.9
		Financial services	-	-	50	-	2.4	761		-
		Others	4	-	1	41.0	0.1	67		4.4
		Eliminations / Corporate	-	-	-	-	-	400		-

Notes: 1. Capital expenditures include long-term leasehold deposits, advances for store construction, and investments related to store openings for each fiscal year and beyond, and do not include the increase of future amortization of assets under the Accounting Standard for Asset Retirement Obligations.

Figures for actual results do not include goodwill and others related to the acquisition of stores, etc.

"Eliminations / Corporate" in capital expenditures mainly reflects capital expenditures relating to the Group strategy.

1. Depreciation and amortization respectively include 412 million yen and 970 million yen recorded as "Loss related to novel coronavirus (COVID-19)" in the consolidated income statements for the three months ended May 31, 2021 and the fiscal year ended February 28, 2022.
   "Eliminations / Corporate" in depreciation and amortization mainly reflects the Company's depreciation and amortization relating to the Group strategy.
2. Amortization of goodwill include only the amount recorded on SG&A expenses.
3. EBITDA: Operating income + Depreciation and amortization + Amortization of goodwill
4. Impairment losses respectively include 177 million yen, 103 million yen, and 1,365 million yen recorded as "Restructuring expenses" in the consolidated income statements for the three months ended May 31, 2021 and 2022, and the fiscal year ended February 28, 2022.

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Geographic area segment information					(Millions of yen)
			Three Months Ended		Three Months Ended	Fiscal Year Ended
			May 31, 2021		May 31, 2022		Feb. 28, 2022
				YOY(%)		YOY(%)	Composition(%)	YOY(%)
Revenues from operations	1,555,371	111.8	2,447,317	157.3	-	8,749,752	151.7
	Japan	852,345	110.9	725,167	85.1	29.5	3,468,840	101.0
	North America	674,831	112.6	1,719,320	254.8	69.8	5,170,053	231.6
	Others		28,719	119.9	17,606	61.3	0.7	112,500	111.7
	Eliminations	(524)	-	(14,778)	-	-	(1,642)	-
Operating income	77,512	108.6	102,367	132.1	-	387,653	105.8
	Japan	64,791	108.2	72,899	112.5	62.4	227,174	85.4
	North America	12,881	111.0	44,064	342.1	37.7	159,507	160.2
	Others		10	13.5	(82)	-	-	1,029	127.7
	Eliminations	(170)	-	(14,514)	-	-	(58)	-

Note: "Others" consists of the results in the P.R.C., etc.

Interest-Bearing Debt & Ratings

Interest-bearing debt (end of period)					(Millions of yen)
			Three Months Ended	Three Months Ended	Fiscal Year Ended
			May 31, 2021	May 31, 2022	Feb. 28, 2022
				YOY(%)/change			YOY(%)/change	YOY(%)/change
	Short-term loans	622,631	178.3		132,160	21.2	140,146	22.6
	Current portion of long-term loans	165,371	167.1		121,628	73.5	121,280	82.6
	Current portion of bonds	66,917	111.5		252,610	377.5	60,000	89.7
Subtotal	854,921	158.1		506,399	59.2	321,427	38.6
	Long-term loans	359,286	91.1		994,180	276.7	994,399	274.2
	Bonds	1,766,932	626.8		1,459,803	82.6	1,582,906	280.2
Subtotal	2,126,218	314.3		2,453,983	115.4	2,577,306	277.8
Total	2,981,139	244.9		2,960,383	99.3	2,898,733	164.6
Ratio to total assets (%)	35.5	+16.2		29.7	(5.8)	33.2	+7.8
Ratio to owners' equity (%)	107.1	+59.6		94.0	(13.1)	97.2	+31.2

Interest-bearing debt by operating segment (end of period)			(Millions of yen)
	Three Months Ended	Three Months Ended		Fiscal Year Ended
	May 31, 2021	May 31, 2022		Feb. 28, 2022
		YOY(%)			YOY(%)		YOY(%)
Domestic convenience store	-	-		-	-	-	-
operations
Overseas convenience store	1,503,554	493.6		1,572,486	104.6	1,500,345	532.1
operations
Superstore operations	-	-		-	-	-	-
Department and	186,988	92.6		160,669	85.9	169,806	90.7
specialty store operations
Others	-	-		-	-	-	-
Corporate	1,008,917	260.8		940,974	93.3	940,974	93.3
Subtotal	2,699,460	302.1		2,674,130	99.1	2,611,126	176.7
Financial services	281,679	87.0		286,252	101.6		287,607	101.6
Total	2,981,139	244.9		2,960,383	99.3	2,898,733	164.6

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