Japanese convenience store chain FamilyMart has posted a 50.7% rise in group net profit to ¥12.88bn (US$106.8m) for the year to 28 February, as it completes its cost-cutting programme.

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FamilyMart, which is third in the Japanese domestic convenience store industry by market share, reported an 11.2% rise in operating revenue to ¥217.47bn for the full year.

The convenience store chain, which is 30% owned by Japanese trading house Itochu Corp, predicted a rise of 6.4% in group net profit to ¥13.7bn for the current financial year, on sales of ¥229.0bn.

“We have nearly finished shutting unprofitable stores. Our earnings reflect the fall in costs needed for such closures,” a FamilyMart spokesman was quoted as saying by Agence France-Presse.

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