Lockdowns across Japan since last spring led to a surge in sales at furniture and home decor retailer Nitori Holdings as homebound consumers snatched up items to spruce up their digs and work from home. The Tokyo-based firm reported a 29% jump in net profit to ¥92.1 billion ($853 million) on the back of a nearly 12% sales increase to ¥716.9 billion ($6.6 billion) for the fiscal year through February.
This marks the 34th year that the company has notched an increase in both earnings and revenue. Nitori’s rising share price lifted founder and CEO Akio Nitori’s net worth by 30% to $5.2 billion. The company, which started as a furniture store in 1967, has in recent years expanded its store network in its home market as well as overseas while branching into new areas such as fast fashion and baby goods and investing in its distribution network.
Nitori is aiming to have 3,000 stores and revenue of ¥3 trillion ($27 billion) by 2032. In November, Nitori, in a rare unsolicited takeover in Japan, spent ¥214 billion ($1.9 billion) to acquire home-improvement chain Shimachu.
