Lawson today (2 June) reported a drop in first-quarter net profit, despite posting gains in revenue and operating profit.
Japan’s second largest convenience retailer said that net profit fell 5.9%, dropping to JPY6.11bn. The company said that its bottom line was negatively impacted by a higher taxes.
Operating profit grew 1.5% year-on-year to JPY12.2bn, while revenue jumped 43% to JPY76.8bn.
Sales gains were largely the result of Lawson’s inclusion of revenue from its Ninety-nine Plus discount unit. The company hiked its stake in the company through a tender offer last year.
For the full fiscal year ending February 2010, Lawson reiterated its forecast of net profit of JPY25.5bn.