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Today, Lawson has announced its financial results for the first quarter of fiscal 2012 ending February 28, 2013. A summary of our consolidated results for the first three months of fiscal 2012 is:
Operating profit | 13.9 billion yen (up 8.4% year on year) |
Recurring profit | 13.7 billion yen (up 7.1% year on year) |
Net profit | 6.2 billion yen |
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During the first quarter of fiscal 2012, we continued our efforts to materialize our corporate philosophy of "Creating Happiness and Harmony in Our Communities." Our customers, in particular our new customer groups of seniors and women, are rediscovering the value of convenience stores as "neighborhood stores." We strengthened the offering of fresh foods and developed products by leveraging our customer relationship management (CRM) based on analysis of our customer card data and our supply chain management (SCM) including procurement of high-quality raw materials. Our efforts to optimize merchandise assortments to match customer needs proved to be effective. In addition, ticket sales were strong. As a result, existing-store sales increased by 5.0% year-on-year in the first quarter. Use of CRM and SCM contributed to an improved gross profit margin on products excluding cigarettes compared to the previous year. As such, consolidated operating profit increased by 1.1 billion yen or 8.4% year-on-year to 13.9 billion yen. Net profit amounted to 6.2 billion yen, up 8.3 billion yen from the first quarter of the previous year during which we incurred losses of 2.8 billion yen associated with the Great East Japan Earthquake and 8.2 billion yen related to changes in accounting standards for asset retirement obligations.
In the second quarter starting June 1st, while we anticipate weak sales of cigarettes, we expect to improve gross profit margin on products excluding cigarettes compared to the second quarter of the previous year by further strengthening our efforts to implement the above measures. As such, we are confident that our profit plan for the first six months of fiscal 2012 can be achieved. We will also enhance our overseas operations as well as entertainment and e-commerce operations to build foundation for sustainable medium to long-term growth.
I would like to thank you, our shareholders and investors, for your continuous understanding and support.
July 3, 2012
Takeshi Niinami
President & Chief Executive Officer
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