Genki Global Dining sales rise but profits fall 18%

Genki Global Dining Concepts reported first-quarter sales of 33.2bn yen, up 1.9% year-over-year, with sales revenue growing 5.7% to 17.2bn yen.

However, operating profit fell 18.2% to 1.48bn yen and net income dropped 14.3% to 1.04bn yen. The company blamed the profit decline on rising rice prices.

The full-year earnings forecast remains unchanged from May's announcement.