Japanese convenience store operator FamilyMart has reported consolidated net profits up 5.4% to ¥8.55bn (US$65.1m) in the twelve months ended 28 February.
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The gain was largely derived from a reduction in one-time losses, reported FamilyMart. Pre-tax profits fell 4.4% to ¥25bn as sales and administration costs rose. Expansion in the number of stores contributing to results gave operating revenues an 11.1% boost to ¥195.61bn.
The group opened 515 outlets in the business year under review, but closed 503 loss-making outlets, bringing the total store portfolio to 5,287.
Going forward, the group expects to post group net profits of ¥12.2bn and group pre-tax profits of ¥27.8bn, on operating revenues of ¥214.6bn, reported Kyodo News.
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