(7:39 PM ET) LOS ANGELES (MarketWatch) -- Japanese convenience-store operator Seven & I Holdings Co. JP:3382+0.19%SVNDF+1.66% is seeking to grow operating profit from its stores by about 10% and ramp up its new store openings, the Nikkei quoted a senior executive as saying Tuesday. The owner of the 7-Eleven chain of stores seeks to record 250 billion yen ($3.2 billion) in operating profit from the stores in the fiscal year ending February 2014, up from an expected ¥228.9 billion this fiscal year. Seven & I also hopes to increase store openings to 1,500 from a projected 1,350 this year, Seven-Eleven Japan Co. President Ryuichi Isaka was quoted as saying. A consensus estimate from FactSet puts fiscal 2013-14 store openings at 1,450, against an estimate of 1,365 for the current year.
Groupon's direct revenue surges in second quarter
(4:32 PM ET) SAN FRANCISCO (MarketWatch) -- Groupon Inc. disclosed Monday afternoon as part of its second-quarter report that revenue from goods that it sells directly to consumers totaled $65.4 million, which is more than triple its level in the March period. Since its first-quarter report, Groupon GRPN+1.48% has been stung by criticisms from analysts, a couple of whom downgraded its stock on concerns that these sales were inflating the company's top line, as the revenue is booked for the value of the entire product, as opposed to the portion that is booked through the company's traditional daily deals business. Direct revenue made up about 11.5% of total sales for the recent quarter. Groupon shares were down nearly 14% in after-hours trades on Monday.
Groupon shares slide on bookings slip, forecast
(4:17 PM ET) SAN FRANCISCO (MarketWatch) -- Shares of Groupon Inc. fell nearly 12% in after-hours trades on Monday following the company's second-quarter report. While the daily deals firm swung to a better-than-expected profit for the period, its gross billings slipped by 4% from the March period. Groupon GRPN+1.48% also issued a revenue forecast for the third quarter that called for a top-line range between $580 million and $620 million - the midpoint of which was slightly below the $605.5 million that analysts had been expecting for the period, according to consensus estimates from FactSet. Groupon shares gained nearly 14% over the last two trading session's by Monday's closing bell, though the stock remained nearly 70% below its peak closing price in early February.
Groupon swings to profit as sales jump 45%
(4:07 PM ET) SAN FRANCISCO (MarketWatch) -- Groupon Inc. said Monday afternoon that it swung to a second-quarter profit on strong sales growth, though the top line was impacted negatively by foreign exchange rates. For the period ended June 30, GrouponGRPN+1.48% posted net income of $28.4 million, or 4 cents a share, compared to a net loss of $107.4 million, or 35 cents a share, for the same period last year. On an adjusted basis, earnings would have come in at $53.8 million, or 8 cents a share, for the recent period. Revenue jumped 45% to $568.3 million, though the company said sales would have grown by 53% when adjusted for currency exchange rates. Analysts were expecting adjusted earnings of 3 cents a share on revenue of $574.8 million, according to consensus estimates from FactSet.