Wealth Of Pan Pacific International’s Founder Falls Despite Retailer Posting Record EarningsPan Pacific International Holdings, operator of discount retailer Don Quijote and the Don Don Donki Japanese-specialty supermarket, is
setting new revenue and profit records as business rebounds from a pandemic-induced slowdown.
Revenue for the nine months ended March
climbed 8% to ¥1.37 trillion ($10.7 billion) and net profit rose nearly 2% to almost ¥46 billion on the back of a stronger January-March quarter. These figures prompted the company to forecast its
33rd consecutive year of record sales and operating profit in the fiscal period ending June, and the 13th straight record for net profit.
Despite impressive earnings,
Pan Pacific shares are down 24% in the past year, underperforming the broader Nikkei 225 stock index, amid a global equities meltdown.
Takao Yasuda, who founded the company in 1980 as Don Quijote (renamed Pan Pacific in 2019), saw his
net worth slump 35% to $2.6 billion in the same period.
