A Surprise in Lawson's Profit Rebound Fueled by Cashback Programs and Non-C-Store Subsidiaries
No-moat Lawson’s first-quarter profits came in above our expectation and the company’s internal target with operating revenue up 3.8% and operating profits up 12%. While we had anticipated positive results of the core C-store business, the robust profit growth posted by the food retailing chain and entertainment subsidies was a surprise. We have maintained our forecasts and the fair value estimate of JPY 5,500 because we suspect that the upward trend of same-store growth was largely inflated by ...Lawson and its subsidiaries are mainly engaged in the operation of convenience store chains in Japan and overseas. As of Feb 28 2017, Co. maintains 12,575 stores in Japan and 1,156 stores in China, Thailand, Indonesia, the Philippines and the U.S. Co. is also engaged in the operation of a chain of small supermarkets that seeks to develop and manufacture high-value-added products, the sale of tickets for concerts, sports events, movies and others; the import and sale of compact discs and digital versatile discs; the provision of home delivery services of foods and daily goods through the Internet; the operation of multiplex theaters; and the financial and consulting businesses.
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