By Kosaku Narioka
Kintetsu Department Store shares rose sharply Wednesday morning after the Osaka-based company raised its fiscal-year earnings guidance.
The company’s shares were recently 5.5% higher at 2,554 yen after rising as much as 6.1% earlier.
Kintetsu said Tuesday after market close that it expects net profit to increase 37% from a year earlier to Y2.60 billion ($17.8 million) for the fiscal year ending February 2024, up from the Y1.50 billion it had previously projected.
The department-store operator said earnings for the June-August period continue to be strong after an easing of the pandemic-related restrictions boosted the results for the previous quarter. Sales of food items and cosmetics helped buoy earnings for the March-May quarter, the company has said.
The return of international travelers to Japan has also been a tailwind for department-store sales.
Kintetsu said Tuesday that it estimates fiscal-year revenue will rise 4.5% to Y112.70 billion, up from its previous forecast of Y110.70 billion.
Write to Kosaku Narioka at [email protected]
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