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Tom Bicknell


Aeon’s operating profit dips

Aeon Cos operating profit for the nine months to November has fallen 5.5 per cent, but the retailer still hopes to hit its end of year target

Aeon’s operating profit dips

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Japanese retailer Aeon Co has announced a 5.5 per cent drop in operating profit for the nine-month period to November 2012, but said it will still hit its annual profit forecast.

The retail group’s March-November operating profit fell to ¥96.2bn (US$1.1bn), pushed down by reduced Japanese consumer demand in the company’s grocery and general merchandise stores.

Aeon said it still planned to hit its operating profit outlook of ¥210-220bn (US$2.35-2.45bn) for the year to February, however.

The company reportedly bases on the outlook on a seasonal pickup in demand in Japan over winter, as well as recovering sales in its Chinese operations.

Aeon shares fell 7 per cent during the 2012 calendar year, reported Reuters, against a 23 per cent growth in the Nikkei average.

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