FamilyMart, the Japanese convenience retailer, plans to pick up the pace of its expansion in Asia in its new financial year.
The company has outlined plans to accelerate its expansion in China and more than double its number of stores in the Philippines, Vietnam and Indonesia.
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The retailer has forecast it will open 263 outlets in China in the year to the end of February. The openings would take its network to 1,358 stores. Last year, FamilyMart opened 106 outlets in China.
In the Philippines, FamilyMart’s second-largest market by store count outside Japan, the retailer had 39 stores at the end of this February. It wants to take that to 113 in 12 months.
In Vietnam, FamilyMart plans to build its network from 28 to 73 outlets. In Indonesia, it wants to have 34 stores by the end of this financial year, up from 12 last year.
Domestically, FamilyMart has forecast it will open 1,600 stores but close 386 others.
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By GlobalDataThe targets were announced as Family Mart reported higher revenues and operating profit for the 12 months to the end of this February but lower net profits.
Gross operating revenues stood at JPY345.6bn (US$3.37bn), up from JPY334.1bn a year earlier. Operating profit rose from JPY43.1bn to JPY43.3bn. However, net income dipped from JPY25.2bn a year ago to JPY22.6bn.
For the year to 28 February 2015, FamilyMart has forecast another fall in net profit to JPY20bn. However, it estimates operating profit will hit JPY46bn and gross operating revenues will reach JPY386.3bn.
