By Kosaku Narioka
Tsuruha Holdings Inc. shares rose sharply Wednesday morning after the Japanese drugstore operator’s first-half net profit increased 15% from a year earlier thanks partly to greater sales of Covid-19 antigen test kits.
The shares were recently 4.0% higher at 9,510 yen after rising as much as 4.7% earlier. The Nikkei Stock Average was recently flat.
Tsuruha said Tuesday after market close that net profit rose to Y14.63 billion ($111.1 million) for the six-month period ended Nov. 15 from Y12.74 billion a year earlier.
Revenue rose 4.7% to Y484.11 billion, boosted by stronger sales of Covid-19 antigen test kits as well as of fresh foods and alcohol drinks. The opening of 76 new stores also supported the top-line growth, while sales and administrative expenses increased in part due to higher electricity costs, the company said.
Tsuruha continues to expect that revenue will increase 5.8% to Y968.80 billion for the fiscal year ending May 15 2023, with net profit climbing 5.9% to Y22.64 billion.
Write to Kosaku Narioka at firstname.lastname@example.org