Lawson's Efforts to Lift per-Store Sales yet to Deliver Results; Shares Overvalued
No-moat Lawson’s third-quarter profits came in largely in line with our expectation. While management claims that sales during evening/nighttime have improved by 3% after enriching product offerings through a revamp of its supply chain, its efforts to lift overall per-store sales has yet to bear fruit. It appears that daytime sales have been affected after management altered deliveries to center on the evening offerings. Same-store sales failed to turn positive, seeing a 0.3% decline. We have ma...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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