Japanese convenience store chain FamilyMart says it expects its income to grow steadily from 2016.

The company says overseas expansions will help earnings rise to 30 billion yen (US$357 million) by 2016. It also forecasts net income to grow by 10 per cent annually from then on.

International markets are expected to contribute 20 per cent of its total income by 2016, up from 10 per cent currently. The convenience chain has been expanding overseas, with the Philippines being its latest foray, to offset the weakening demand at home triggered by shrinking population.

Overseas stores now number 12,549 while domestic stores total 9201 as of last month. With more store openings in the pipeline, total global network is estimated to number 40,000 by 2021.

The third largest convenience store chain behind 7 Eleven and Lawson says more and more markets are beginning to be profitable such as Thailand and China. The company operates in Thailand through partnership with local company Central Retail.

CFO Yoshiki Miyamoto said FamilyMart is mulling a foray into Russia with a goal of opening 300 to 500 stores.

GB