Lawson, Japan’s second-largest convenience retailer, has cut its full-year sales forecast, despite enjoying a rise in first-half profit.
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The company booked a 5.5% rise in operating profit to JPY25.5bn (US$217m) for the six months to the end of August. Turnover was also up, reaching JPY153.4bn, rising from YPY143.7bn a year earlier.
However, Lawson moved to cut its sales forecast for the 12 months to the end of February 2008. Revenue is expected to reach JPY304bn, down from JPY309bn.
Jyun Miyazaki, general manager of public relations at Lawson, told reporters that the company is looking to close less profitable stores.
According to news agency Thomson Financial, Lawson will also slow the pace of store openings in the months ahead.
“This is no longer the age of competition on the number of new store openings,” company president Takeshi Niinami was quoted as saying by the news agency.
