Pan Pacific International Holdings Corp., owner of the Don Quijote discount chain, said it posted a record net profit for the year ended June, thanks to a strong showing by its general merchandise store division during the coronavirus pandemic.
The retail group on Wednesday reported a consolidated net profit of ¥50.3 billion for the full year, up 6.9 percent from the previous year, and an operating profit of ¥75.9 billion, up 20.4 percent, on sales of ¥1.68 trillion, up 26.6 percent.
Uny Co., its general merchandise unit, saw strong demand for housing-related goods including appliances, on top of food products.
The company’s discount store business, however, struggled as tourism dried up when the coronavirus began spreading earlier this year. Efforts to offset the headwind by focusing on sales of sanitary goods including masks and disinfectant failed.