Leading position and brand recognition in Japan's retail market Gradual profit recovery in its core general merchandising store (GMS) business, which we expect will take time to recover, despite progress in restructuring stores. Enhanced supermarket and discount store business as well as a drugstore and pharmacy business Strong performance in nonretail segments--such as shopping center development and leasing as well as its service business--which somewhat diversifies its earnings base Low profitability compared with global peers, although consolidated earnings performance is recovering gradually Key financial ratios such as debt to EBITDA (excluding its financial services business) are likely to improve moderately over the next one to two years, because of a plan to maintain heavy investments Relatively strong EBITDA interest coverage
