Full-Year Downward Revision a Surprise; Management's Focus on Profitability a Positive
No-moat Uny FamilyMart’s second-quarter earnings results beat our expectations and the company’s initial guidance. The above-expected earnings were mainly boosted by rigorous selling, general, and administrative, or SG&A, cost reduction in the C-store and general merchandise store (Uny) businesses, as well as solid sales from converted Circle K Sunkus outlets. Nevertheless, FamilyMart’s same-store sales remain in negative territory. The results support our view that the group’s growth will b...FamilyMart UNY Holdings is a holding company mainly engaged in the operation of convenience chain stores and general merchandise stores. Convenience Store segment is involved in the operation of convenience chain stores under the name of "FamilyMart" throughout Japan as well as in Taiwan, Thailand, China, Viet Nam, Indonesia, the Philippines and Malaysia through direct management and franchise systems. General Merchandise Store segment is engaged in the operation of general merchandise stores under the names of "APITA" and "PIAGO" in Tokai, Kanto, Hokuriku, Koshinetsu, Kansai and Tohoku regions as well as in Hong Kong. As of Feb 28 2017, Co. maintains total 24,710 stores.
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