Japanese retailer Lawson Inc posted a first-quarter loss as it was hit by the earthquake that hit the east of the country in March.
The convenience store operator yesterday (5 July) reported a JPY1.9bn (US$23.4m) loss for the quarter ended 31 May.
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The company reported a JPY2.8bn extraordinary loss over the period, which included losses related to supporting stores hit by the earthquake and subsequent tsunami. Lawson also incurred an extraordinary loss of JPY8.2bn as a result of the adoption of asset retirement obligation accounting.
However, Lawson’s operating profit was up 14.9% to reach JPY12.8bn as sales rose 3.3% over the previous year to reach JPY112.2bn.
After the earthquake, tsunami and the nuclear disaster that followed, the company focused on the recovery of the product supply chain in the disaster affected areas by “maximising its strengths as a chain store operator”.
“Customers in the affected areas praised our efforts to maintain store operations, recognising our stores as “social infrastructure” that provided neighbourhoods with essential items,” Lawson said.
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By GlobalData
