After revealing plans that it would close hundreds of underperforming stores, 7-Eleven has reported a steep decline in overall revenue for the first half of the fiscal year, though the strategy is helping the company's profitability, it says.
7-Eleven's North America revenue plummeted by about 18% in the second quarter (ending Aug. 31), a sharp fall compared to the same period in 2024, according to an earnings report released on Thursday.
Revenue dropped from approximately $15.8 billion in the 2024 second quarter to about $13 billion in the same period this year.
"The North America economy showed signs of slowing down, with personal consumption also indicating a tendency to curb spending, particularly among low-income households, due to growing concerns about rising prices," the company said in its earnings report .
This revenue decline comes after Seven & i Holdings closed 444 stores last year in the U.S. and an additional 155 locations in August, the company reported.
Despite the revenue decrease, the strategy to close poorly performing stores and emphasize new, food-focused locations appears to be stabilizing the company's finances, Seven & i President and CEO Stephen Dacus said in August, according to C-Store Dive . These new locations are bringing 45% more sales per store than the retailer's older locations.
7-Eleven noted in Thursday's report that although revenue fell, operating income remains relatively steady and has increased by roughly $13 million compared to the same period last year.
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