Marui's half-year profit hits a record as its "stores that don't sell" model pays off in tenant and event income
Marui's own department-store floors are leasing better and filling up with ticketed fan events rather than merchandise, and the half-year numbers back the bet: record profit even as rising rates start to bite its card business.
Marui Group's operating profit rose 16.8% to a record ¥30.8bn in the half year to September, the Japanese department-store and credit-card operator said in results filed 10 November, with revenue, ordinary profit and net profit all posting the best half-year figures since the company began disclosing them. Group transaction volume, which includes card spending as well as store sales, rose 9% to ¥2.85tn.