Lawson, FamilyMart Enjoy Net Profit Growth in March-Nov.

Economy

Tokyo, Jan. 15 (Jiji Press)--Japanese convenience store chains Lawson Inc. and FamilyMart Co. enjoyed net profit increases in March-November 2024 while Seven & i Holdings Co., the operator of the industry leader Seven-Eleven Japan Co., suffered a sharp deterioration in its bottom line, according to their latest earnings reports.

Lawson logged a record third-quarter net profit of 52.4 billion yen, up 14.4 pct from a year earlier, thanks to robust sales of “Karaage-kun” fried chickens and other products under its own brand. A sales campaign with telecommunications carrier KDDI Corp., which holds a 50 pct stake in Lawson, also contributed to the profit growth.

FamilyMart’s operating revenue inched down as the number of directly operated stores dropped. But its net profit went up 62.4 pct to 80 billion yen because of special profit from a realignment of Chinese operations.

In a stark contrast, Seven & i saw group net profit tumble 65.1 pct to 63.6 billion yen, due to its slumping U.S. business and failure to promptly meet demand from increasing budget-minded convenience store customers.

“We were slow in responding to changing consumer behavior,” said Yoshimichi Maruyama, Seven & i managing executive officer.

[Copyright The Jiji Press, Ltd.]

Jiji Press