3 Major Japanese Retailers Post Higher Operating Profits
Tokyo, Jan. 10 (Jiji Press)--Three major Japanese retailers posted higher group operating profits in March-November 2019, benefiting from the government's point reward program for cashless payments introduced to cushion the impacts of the October consumption tax hike, according to their earnings reports released by Friday.
Seven & i Holdings Co.'s <3382> operating profit rose 4.9 pct to 319 billion yen, hitting the highest level for the nine-month period for the seventh straight year, with Seven-Eleven Japan Co.'s strong convenience store business more than offsetting sluggish performances at the group's supermarket and department store operations.
Profit at convenience store operator FamilyMart Co. <8028> grew 32.2 pct to 63.7 billion yen thanks to the closures of loss-making outlets and higher sales of frozen food products with high profit margins.
But its net profit fell 18.5 pct to 46 billion yen, after supermarket operator Uny was excluded from its consolidated earnings structure.
Lawson Inc. <2651>, also a convenience store operator, saw its operating profit increase 9.0 pct to 52.1 billion yen due to strong sales of dessert products. Lawson affiliates, including Seijo Ishii Co., which operates high-end supermarkets, also fared well.
[Copyright The Jiji Press, Ltd.]