Matsumotokiyoshi Co., Japan's largest drugstore chain, reported Thursday profit declines for the half year ending Sept. 30 amid higher cost burdens despite solid growth in group sales.
Matsumotokiyoshi's net profit fell 2.3 percent to 2.82 billion yen, or 13.47 yen per share, while pretax profit declined 11.4 percent to 6.03 billion yen.
Its operating profit dropped 13.2 percent to 5.36 billion yen. Sales increased 4.8 percent to 140.04 billion yen.
The company said higher personnel and other costs eroded the profitability of its business operations.
Matsumotokiyoshi opened 38 new stores during the six months, 50 more openings are being planned for the second half through next March.
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