Pan Pacific International Holdings, retailer Don Quixote, and supermarket Don Donki set new sales and profit records as businesses recovered from the pandemic delay. New and renovated stores and increased sales of products with higher private label margins and better inventory management drive profits.
For the nine months ended March, revenue rose 8 percent year-on-year to 1.37 trillion yen ($10.7 billion). Net profit rose nearly 2 percent to almost 46 billion yen, suggesting the strong January to March quarter caused. These figures prompted the company to forecast a 33rd consecutive year of record sales and operating profit for June's fiscal year and a 13th successive record net profit.
Despite impressive gains, Pan Pacific shares fell 24% last year, dragging the Nikkei 225 stock index lower amid a global stock market crash. Takao Yasuda, who established the company in 1980 as Don Quixote (renamed Pan Pacific in 2019), saw his net worth drop 35% to $2.6 billion over the same period.
Yasuda stepped down as Chief Executive in 2015, taking over the Founder and Chief Advisor titles and moving to Singapore. Known for developing unique shopping concepts from Don Quijote selling everything from Rolexes to snacks and adult toys, Yasuda founded Don Donki to cater to the growing popularity of Japanese food.
Pan Pacific already has nearly 700 locations in Japan, Singapore, Hong Kong, and the United States. Overseas deals account for more than 14% of the company's sales and more than offset delays in Japan, where a near-total tourist ban from early 2020 remains high, attracting foreign visitors.
