This story is part of Forbes’ coverage of Japan’s Richest 2022. See the full list here.

Pan Pacific International Holdings, operator of discount retailer Don Quijote and the Don Don Donki Japanese-specialty supermarket, is setting new revenue and profit records as business rebounds from a pandemic-induced slowdown. New and revamped stores along with increased sales of higher margin private-brand products and better inventory management are bolstering earnings.

Revenue for the nine months ended March climbed 8% to ¥1.37 trillion ($10.7 billion) and net profit rose nearly 2% to almost ¥46 billion on the back of a stronger January-March quarter. These figures prompted the company to forecast its 33rd consecutive year of record sales and operating profit in the fiscal period ending June, and the 13th straight record for net profit. Despite impressive earnings, Pan Pacific shares are down 24% in the past year, underperforming the broader Nikkei 225 stock index, amid a global equities meltdown. Takao Yasuda, who founded the company in 1980 as Don Quijote (renamed Pan Pacific in 2019), saw his net worth slump 35% to $2.6 billion in the same period.

Yasuda stepped down as CEO in 2015, assuming the titles of founding chairman and supreme advisor, and relocated to Singapore. Known for creating unique store concepts, starting with Don Quijote which sells everything from Rolexes to snacks and adult toys, Yasuda founded Don Don Donki to cater to the growing popularity of Japanese food. Pan Pacific now has nearly 700 outlets in Japan, Singapore, Hong Kong and the U.S. Overseas stores account for over 14% of company revenue and have more than offset a slowdown in Japan, where a near total ban on tourists since early 2020 has kept big-spending international visitors away.