Pan Pacific International Holdings Announces Strong Fiscal-Year Performance
Pan Pacific International Holdings, the operator of the popular Don Quijote retail-store chain, experienced a significant rise in shares on Thursday morning. This was in response to the company's impressive fiscal-year net profit growth of 6.8%, attributable to increased purchases by travelers to Japan.
Currently, shares are trading 3.1% higher at 3,009 yen, reaching a peak increase of 6.1% earlier. On the other hand, the benchmark Nikkei Stock Average has recently seen a decline of 1.4%.
Pan Pacific reported on Wednesday, after the market closed, that their net profit for the fiscal year ending on June 30 reached Y66.17 billion ($452.1 million), a substantial increase from Y61.93 billion in the previous fiscal year. Furthermore, the company's revenue experienced a growth of 5.8%, reaching Y1.937 trillion.
The domestic business segment saw a remarkable increase in operating profit, rising by 24% to Y96.40 billion. This growth was fueled by a 3.8% increase in segment revenue, amounting to Y1.621 trillion. Notably, household goods, food, watches, and other fashion items performed particularly well. Pan Pacific attributed these positive results to the purchases made by travelers to Japan, which significantly boosted sales.
Profit growth was also observed in Pan Pacific's operations in Asia, excluding Japan. However, the business in North America reported a decline in operating profit.
Moving forward, for the current fiscal year starting in July, Pan Pacific projects an increase in revenue by 6.5% to Y2.062 trillion and a climb in operating profit by 5.5% to Y111.00 billion.
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