Pan-Asian retailer Dairy Farm International Holdings had said it expects to increase the rate at which it open stores this year.

The company said the “net growth” in the number of its outlets this year is expected to be higher than in 2011″.

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The forecast came after the retailer, which runs over 5,400 outlets across Asia, reported an increase in annual profits for last year.

Net profit climbed 18% to US$484m. Earnings benefited in part from foreign exchange and a $10m gain from the sale of its interest in a Starbucks venture in China.

However, Dairy Farm, which has businesses including the 7-Eleven franchise in southern China, reported a 15% increase in sales to $9.13bn.

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