Shares of Pan Pacific International Holdings surged after the retail-store operator announced an upward revision of their fiscal-year earnings forecasts. The company attributed the increase to a rebound in shopping demand by international travelers in Japan.

On Wednesday morning, shares were up 6.1% at 3,597 yen, peaking at a 7.7% surge earlier.

Pan Pacific announced on Tuesday, after the market closed, that it expected its net profit for the fiscal year ending in June to rise by 16% to Y76.50 billion ($507.3 million). This is higher than their previous forecast of Y66.70 billion. The company also anticipates revenue to increase by 6.9% to Y2.070 trillion, surpassing the previously forecasted Y2.062 trillion.

The retail-store operator stated that shopping demand from foreign tourists visiting Japan has rebounded significantly. Pan Pacific remains optimistic about its earnings for this fiscal year despite potential risks posed by high inflation and the unstable Middle East geopolitical situation.

As of the end of December, Pan Pacific operates 619 retail stores in Japan and 104 stores abroad.

During the first half of the fiscal year ended on December 31, net profit climbed by 31% to Y48.21 billion, accompanied by a 7.1% growth in revenue to Y1.048 trillion.

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