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Ryohin Keikaku's group net profit plunges 99.8%.

TOKYO, March 28 Kyodo

Retailer Ryohin Keikaku Co. said Thursday its consolidated net profit for the year to Feb. 28 declined by a sharp 99.8% from the year before to 13 million yen.

Profitability was down, as price declines due to the deflationary economy far outpaced its growth in sales, said the company whose core business deals with Mujirushi Ryohin brand products.

Group pretax profit also declined 51.3% to 5.68 billion yen on sales of 119.89 billion yen, up 3.8%.

Ryohin Keikaku said it posted an extraordinary loss of about 3.8 billion yen in inventory disposal costs and merchandise appraisal losses, which it said squeezed group profits.

As of the end of February, the group had 16 outlets in Britain, four in France and two in Hong Kong.

For its 2002 business year that began March 1, Ryohin Keikaku said it expects increases in both consolidated profits and sales, projecting a net profit of 2.5 billion yen and pretax profit of 8.1 billion yen on sales of 123 billion yen.
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Publication:Japan Weekly Monitor
Date:Apr 1, 2002
Words:178
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