JAPAN DATA: Combined sales of convenience stores in Japan rose 1.1%
on the year in November, the first y/y gain in two months, reversing the
5.9% drop in October, due largely to solid demand for food, data
released by Japan Franchise Association showed. Convenience store sales
jumped 12.9% y/y in September thanks to last-minute buying of cigarettes
ahead of the tobacco tax hike on Oct. 1. In October, this factor
disappeared, pushing down overall sales. But aggressive sales promotions
of foodstuffs offset slower tobacco sales in November while drops in
temperatures boosted demand for hot takeout food. Figures are adjusted
to facilitate comparisons on a same-store basis.