Japanese retailer Lawson Inc has reportedly set plans for a network of over 10,000 outlets in China.
Lawson president and chief executive Takeshi Niinami told The Wall Street Journal that he wants the retailer to build its presence in China from around 300 stores to over 10,000 within a decade.
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The retailer’s reported ambitions for China came on the day it posted a 27.1% fall in half-year profits. For the six months to the end of August, Lawson filed net profit of JPY8.96bn (US$116.6m), hit by a series of one-off charges, including costs related to the earthquake in March.
However, Lawson’s operating profit increased 8% to JPY32.57bn as its sales rose 8.5% to JPY240.02bn. The retailer said the earthquake had hit consumer spending but it added sales were “strong” in the convenience channel due to “good weather” after the middle of June and a recovery of the supply chain after the disaster.
Lawson predicted its full-year net profit would reach JPY23.5bn, down 7.4% on the year. It forecast operating profit of JPY61.5bn, an increase of 10.7%. Annual operating revenues are expected to be 7.2% higher at JPY473bn.
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By GlobalData
