Japanese discount retailer Don Quijote Holdings Co Ltd expects to hit its ¥1 trillion (US$9.05 billion) sales target in the next financial year, a year earlier than forecast, a senior executive said yesterday.
“We have progressed to where we can pull [the target] forward,” Don Quijote chief financial officer Mitsuo Takahashi said in an interview, adding that the discounter expects to have about 470 stores worldwide in the financial year ending June next year, up from 416.
Reaching ¥1 trillion in sales would propel Donki, as it popularly known, into the ranks of Japan’s top retailers, such as Uniqlo parent Fast Retailing Co, convenience store operator Seven & i Holdings Co and big-box electronics retailer Yamada Denki Co.
The company, Japan’s largest discounter, is known for stocking its stores floor-to-ceiling with an eclectic mix of products, from leopard-print rugs to designer goods, and has proven popular among Japanese shoppers and the growing numbers of tourists visiting Japan.
Donki has upgraded its outlook for the financial year ending this month three times and estimates a 13 percent increase in sales to ¥935 billion over the past 12 months.
Such as result would deliver its 29th year of unbroken sales growth.
The discounter, which calls itself a “dirt cheap jungle,” is expanding its chaotic retail style overseas.
It currently has two “Don Don Donki” stores in Singapore, with another to open in Bangkok by the end of the year.
Donki is looking to open one to two stores in Southeast Asia annually, Takahashi said, adding that the number of Singaporean outlets could reach 10 or more.
The discounter also has stores in Hawaii and California.
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