Investing.com -- Seven & i Holdings on Thursday reported a 9.7% increase in operating profit for the March to May quarter, exceeding analyst expectations thanks to strong performance from its overseas convenience stores.

The Japanese retail giant posted an operating profit of 65.1 billion yen ($445.19 million), surpassing the 58 billion yen average estimate from six analysts polled by LSEG.

The company is working to enhance its business performance while facing a $47 billion takeover proposal from Canadian firm Alimentation Couche-Tard.

As part of its strategy, Seven & i has announced a share buyback program, is divesting non-core assets, and plans to list its North American convenience store business.

The retailer maintained its existing earnings forecast following the quarterly results.

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