7-Eleven Profit Will Be Hurt by Energy Costs

7-Eleven Inc. said first-quarter profit will be less than forecast because of surging energy costs in California, slowing U.S. consumer spending and higher wholesale gasoline prices. The world’s biggest convenience-store chain expects results to be in the range of a loss of a penny a share to earnings of a penny. Analysts on average were expecting a profit of 8 cents. The company said earnings will be cut by 3 cents because of higher costs for electricity in California, where the company is raising prices at its 1,200 stores. Dallas-based 7-Eleven, which sells gas at 11% of its stores, said it can’t raise gas prices enough to offset what it pays at wholesale. Shares in 7-Eleven fell 21 cents to close at $9.70 on the NYSE.