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    3382   JP3422950000

SEVEN & I HOLDINGS CO., LTD.

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India's Future Retail terminates agreement to open 7-Eleven stores

10/05/2021 | 09:08am EST
FILE PHOTO: Man walks inside the Big Bazaar retail store in Mumbai

BENGALURU (Reuters) - Future Retail said on Tuesday it ended a franchise agreement with 7-Eleven Inc to develop and operate the U.S. firm's round-the-clock convenience stores in India, as it could not meet targets for opening stores and franchisee-fee payments.

The agreement, which was terminated mutually by both the companies, was first announced https://www.reuters.com/article/us-future-retail-7-eleven-expand-idUKKCN1QH0X5 in 2019 with plans to open 7-Eleven's first branded store in India.

The COVID-19 pandemic has slammed consumer spending and severely hurt retailers like Future Retail, with the company's annual report showing that the unit formed to run 7-Eleven stores in India had reported https://www.futureretail.in/pdf/Annual_Report_2020_21.pdf a loss of 173 million rupees ($2.32 million) without opening any stores.

The announcement also comes at a time when its parent Future group faces a legal battle with Amazon.com over a deal to sell its retail assets to billionaire Mukesh Ambani's Reliance Industries. Future had said it would bear "unimaginable" damages if the deal doesn't go through.

The Indian retail giant, which has more than 1,700 stores including chains such as Foodhall and Nilgiris, had said in 2019 it planned to set up new stores under the 7-Eleven brand from scratch and to convert some of its existing operations into the U.S. brand.

The termination would have no financial or business impact on the company, Future Retail said in its regulatory filing https://www.bseindia.com/xml-data/corpfiling/AttachLive/843bc4f4-be6c-4ea1-b1ea-f2bf4ea7c792.pdf.

7-Eleven, owned by Japan's Seven & i Holdings, did not immediately respond to Reuters requests for a comment.

($1 = 74.5180 Indian rupees)

(Reporting by Soumyajit Saha in Bengaluru; editing by Uttaresh.V)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 0.45% 3452.52 Delayed Quote.5.74%
FUTURE ENTERPRISES LIMITED 1.38% 8.83 End-of-day quote.-23.22%
FUTURE RETAIL LIMITED -0.10% 48.9 Delayed Quote.-37.80%
SEVEN & I HOLDINGS CO., LTD. 1.37% 4657 End-of-day quote.27.28%
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10/06Reliance Industries to Roll Out 7-Eleven Stores in India
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10/05India's Future Retail terminates agreement to open 7-Eleven stores
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Analyst Recommendations on SEVEN & I HOLDINGS CO., LTD.
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Financials
Sales 2022 8 338 B 73 925 M 73 925 M
Net income 2022 206 B 1 824 M 1 824 M
Net Debt 2022 1 306 B 11 580 M 11 580 M
P/E ratio 2022 20,0x
Yield 2022 2,20%
Capitalization 4 113 B 36 412 M 36 463 M
EV / Sales 2022 0,65x
EV / Sales 2023 0,54x
Nbr of Employees 57 270
Free-Float 83,9%
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Seven & i Holdings Co., Ltd. Technical Analysis Chart | 3382 | JP3422950000 | MarketScreener
Technical analysis trends SEVEN & I HOLDINGS CO., LTD.
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Mean consensus BUY
Number of Analysts 14
Last Close Price 4 657,00 JPY
Average target price 6 218,57 JPY
Spread / Average Target 33,5%
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Managers and Directors
Ryuichi Isaka President & Representative Director
Yoshimichi Maruyama General Manager-Finance & Accounting
Toshiro Yonemura Independent Outside Director
Kunio Ito Independent Outside Director
Yoshio Tsukio Independent Outside Director
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