TOKYO: Japanese retailer Seven & i Holdings Co. has said that it will buy 204 convenience stores and gas stations from US chain Sunoco LP for 137,455 million yen.

Seven & i announced the acquisition Thursday. It aims to expand its store network and increase its market share in the United States.

In 2018, the group acquired 1,030 stores from Sunoco in 2018.

Also on Thursday, Seven & i announced consolidated financial results for the three quarters to November 2023.

Its net profit dived 22.4 pct from a year before to 182,162 million yen due to a loss on the sale of department store chain Sogo and Seibu Co.

Meanwhile, operating profit hit a record high for the second consecutive year thanks to the strength of convenience store business in Japan.

General merchandise supermarket unit Ito-Yokado Co. saw its losses expand owing to heavy investment costs for online supermarket and other operations.

JIJI Press