Japanese-style pubs report losses but sales at fast-food chains soar
Written by tokyoclub on May 15, 2021
The restaurant sector in Japan has reported divergent results in their latest earnings as a drop in the number of people dining out amid the coronavirus pandemic hit izakaya pub operators hard, while takeout demand boosted fast-food chains.
Pub operator Watami Co. on Friday reported a loss of Y11.59 billion ($105 million) in the business year ended March, as the government requested restaurants to shorten hours for serving alcohol and close early as part of anti-virus measures during the year.
Colowide Co., which has restaurant and pub units, including Japanese-style set-menu chain operator Ootoya Holdings Co., posted a record loss of Y9.73 billion in fiscal 2020. It has decided to close 48 of its restaurants as part of its business review.
Among fast-food chain operators cashing in on the food delivery and takeout boom, KFC Holdings Japan Ltd. saw its net profit in fiscal 2020 jump 82.9% to a record Y2.81 billion. – Japan Times