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Japanese Home Decor Retailer Marks 34 Years Of Rising Sales And Profits

This story is part of Forbes’ coverage of Japan’s Richest 2021. See the full list here.

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.

I am currently a freelance journalist and television and radio commentator in Tokyo and have covered the Japanese economy and politics for two decades. Most recently, I

I am currently a freelance journalist and television and radio commentator in Tokyo and have covered the Japanese economy and politics for two decades. Most recently, I spent a year at the University of Colorado Boulder on a Scripps Journalism Fellowship. For 15 years, I was Tokyo correspondent for The Wall Street Journal and Dow Jones Newswires, including tenure as the Journal’s Heard on the Street columnist analyzing corporations, policy issues and the economies in Japan and South Korea. In 2011, Dow Jones awarded me its highest writing award for a series on Japan’s budget and bureaucracy. I have conducted hundreds of interviews for print and television, including for CNBC, and covered Asia’s financial crisis and the aftermath of the Fukushima nuclear disaster. As a Scripps Fellow, my research focused on Fukushima-related issues: Energy policy, especially renewable energy and nuclear power; seismology and seismic engineering; and disaster planning and mitigation.

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