Pan Pacific International Shares Rise as Earnings Grow on International Traveler Demand
By Kosaku Narioka
Pan Pacific International Holdings shares rose sharply after the retail-store operator raised fiscal-year earnings forecasts, citing a recovery in shopping demand by international travelers in Japan.
Shares were recently 6.1% higher at 3,597 yen on Wednesday morning after rising as much as 7.7% earlier.
The Don Quijote store operator said Tuesday after market close that it expected net profit to climb 16% to Y76.50 billion ($507.3 million) for the fiscal year ending June, up from its previous forecast of Y66.70 billion. It now projects revenue to increase 6.9% to Y2.070 trillion, up from Y2.062 trillion previously forecast.
Pan Pacific said shopping demand from foreign tourists to Japan has recovered and that earnings so far this fiscal year have been solid, even though there are downside risks to overseas economies stemming from high inflation and the unstable Middle East geopolitical situation.
Pan Pacific runs 619 retail stores in Japan and 104 stores abroad as of the end of December.
For its first half ended Dec. 31, net profit increased 31% to Y48.21 billion as revenue grew 7.1% to Y1.048 trillion.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
February 13, 2024 21:15 ET (02:15 GMT)
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