Discount retailer Don Quijote Co. said Friday it posted a 7.16 billion yen net profit for the year through June, marking 15 straight years of earnings growth despite a rash of apparent arson fires that hit the chain late last year, including one that was fatal.
It also announced that Junji Narusawa, vice president in charge of store operations, had been named the next president and COO, and that current President Takao Yasuda would become chairman and CEO. The change will take place Sept. 29. The company projects continued growth for the current fiscal year powered by active store expansion.
For the year that ended in June, revenue jumped 21 percent to 232.78 billion yen as the chain opened a net 14 new outlets, bringing its total to 107.
However, earnings growth wasn’t as strong as the revenue growth because it spent heavily on security measures after the fires, one of which killed three employees, the company said.
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