Jusco Co. scored record sales and pretax profits on a consolidated basis for the fiscal year that ended Feb. 20, the firm said Monday.
The supermarket chain’s group sales rose 8.6 percent from the previous year to 2.74 trillion yen, and its consolidated pretax profits jumped 35.1 percent to 87.42 billion yen.
Consolidated operating profits increased 29.3 percent from a year earlier to 92.06 billion yen, and consolidated net profits leaped 48.6 percent to 22.52 billion yen.
Jusco President Motoya Okada attributed the rises to increased sales at Jusco supermarkets, U.S.-based fashion chain Talbots, Inc., and Aeon Credit Service Co.
On a parent-only basis, Jusco’s sales came to 1.62 trillion yen, up 14.1 percent from the previous year. Pretax profits rose 7.8 percent to 25.7 billion yen and operating profits rose 14.6 percent to 23.61 billion yen.
However, net profits fell 59.7 percent from a year earlier to 3.72 billion yen, due to affiliates’ restructuring of several affiliated firms, company officials said.
Okada said Jusco lowered prices on goods during the business year by procuring more food and clothing directly from overseas producers, a move that could attract more customers to its stores.
Jusco predicts consolidated pretax profits of 100 billion yen and group sales of 2.9 trillion yen for fiscal 2001, which ends next Feb. 20.
But it will post consolidated net losses of 22 billion yen due to increasing funds for retirement allowances and costs for reducing its affiliates, company officials said.
On a parent-only basis, Jusco forecasts sales of 1.67 trillion yen, pretax profits of 27 billion yen and net losses of 39 billion yen for the current business year.
Shimizu losses grow
Major general contractor Shimizu Corp. said Monday that it expects to post a consolidated net loss of 66 billion yen in the year to March 31, instead of the 51 billion yen it forecast in November.
The revision is due to losses from the liquidation of development operations growing to some 100 billion yen following the unloading of real estate it had held for sale, Shimizu said.
But the company expects to chalk up a consolidated pretax profit of 48 billion yen, up from the projected 43 billion yen, on sales of 1.7 trillion yen, up from 1.61 trillion yen.
Shimizu attributed the rise to an increase in completed construction jobs and improved financial conditions.
The company will use the funds from the real estate sale to reduce its liabilities, causing its interest-bearing debts to fall some 200 billion yen from the end of March 2000 to less than 590 billion yen.
In the previous fiscal year, Shimizu posted a group net profit of 9.86 billion yen and a pretax profit of 35.1 billion yen on sales of 1.565 trillion yen.
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