Lawson Inc, the Japanese retailer, saw annual profits more than double in its last financial year as it lapped figures for the previous 12 months hit by an accounting scandal.
The company said today (14 April) that its net profit reached JPY25.39bn (US$305.4m) for the 12 months to the end of February, up from JPY12.56bn a year earlier.
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In the previous fiscal year, Lawson uncovered that executives at its Lawson Entermedia unit had made payments for billions of yen without approval from the board.
Nevertheless, Lawson’s operating profit rose 10.5% to JPY55.54bn despite a 5.5% fall in revenues to JPY441.28bn. Lawson cited a “fall in the number of company-owned stores”.
Looking ahead to the rest of the new financial year, Lawson said there are “concerns” that the recent earthquake in the east of the country will hit the Japanese economy, which, the retailer said, was showing “early signs” of recovery.
Lawson is predicting a rise in “ordinary income” – which hit JPY54.59bn in the year to 28 February – and said it would continue to expand its fresh food convenience store business.
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