Pan Pacific International Shares Rise on Higher Fiscal-Year Net Profit
By Kosaku Narioka
Pan Pacific International Holdings' shares rose sharply Thursday morning after the operator of Don Quijote retail-store chain posted a 6.8% increase in its fiscal-year net profit, helped by purchases of goods by travelers to Japan.
Shares were recently 3.1% higher at 3,009 yen after rising as much as 6.1% earlier. The benchmark Nikkei Stock Average was down 1.4% recently.
Pan Pacific said Wednesday after market close that net profit increased to Y66.17 billion ($452.1 million) for the fiscal year ended June 30 from Y61.93 billion the previous fiscal year. Revenue grew 5.8% to Y1.937 trillion.
Operating profit from its domestic business climbed 24% to Y96.40 billion as segment revenue grew 3.8% to Y1.621 trillion, led by gains in household goods, food, watches and other fashion items. Purchases by travelers to Japan helped buoy the sales, the company said.
Operations in Asia excluding Japan also booked profit growth while the business in North America posted a drop in operating profit.
For the fiscal year that started in July, Pan Pacific has projected revenue to increase 6.5% to Y2.062 trillion and operating profit to climb 5.5% to Y111.00 billion.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
August 16, 2023 22:05 ET (02:05 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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