Don Quijote’s parent company, Pan Pacific International Holdings (PPIH), has recorded a 5.8 per cent growth in revenue to 1.9 trillion yen (US$13 billion) for the year ended June 30.
Net profit for the year was up 6.8 per cent to 66.1 billion yen, its highest level in 14 years. Meanwhile, operating income stood at 105.2 billion yen, up 18.7 per cent year on year. This was the first time the company exceeded 100 billion yen in operating profit.
The growth was said to be driven by the surging demand from inbound tourists, especially after China’s ban on group travel was lifted. PPIH said it is aiming to reach 80 billion yen in tax-free sales for next year.
“Tax-free sales will grow significantly in existing store sales, but sales at non-duty-free stores are also expected to exceed the previous year’s level,” the company said.
The retailer aims to open an additional 25 stores in its home market and 12 locations outside Japan.
“The reason we opened more stores in Japan was because we were able to find a way to make a profit.”
Further reading: Japanese convenience store brand FamilyMart is set to exit Thailand.
