Right On Jumps to Highest in Six Months on Monthly Sales
Right On Co., a Japanese retailer of jeans and casual wear, jumped to the highest in six months in Tokyo trading after reporting the first gain in same-store sales in more than two years.
The shares surged by the daily limit of 80 yen, or 17 percent, to 538 yen, at the market close in the Tokyo Stock Exchange, a level not seen since August 16. The company had the second-biggest increase among the 1,666 companies in the Topix index.
The company, based in Ibaraki prefecture, near Tokyo, said same-store sales rose 3.4 percent in the month ended Feb. 20 from a year earlier as average spending per customer increased 4.6 percent. That was the first gain in its monthly sales since November 2008, according to the company’s statements.
The stock has increased 15 percent this year, compared with the Topix Index’s 5.4 percent gain.
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