Japan's second-largest retailer Aeon Co Ltd said it is likely to post an operating profit of Y128.8bn (US$1.4bn) for the 12 months to February, thanks to a strong recovery over the last six months.
The Y128.8bn profit is short of its forecast of Y130-140bn, but is up on the Y120.5bn predicted in a poll of 14 economic analysts, Reuters reported.
That figure represents a 3.6 per cent rise in full-year operating profit to February, despite a 40 per cent drop from March to August last year.
The firm said its operating profit probably rose by 42 per cent from September to February as it ramped up cost-cutting measures and aggressive marketing campaigns.
Aeon, operator of the Jusco supermarket chain, said sales continued to fall because consumer spending is still weak, although the pace of the decline has slowed in recent months.
The company also received a shot in the arm from an improved performance at its US clothing chain Talbots, although late last year Aeon said it would sell its stake in Talbots, ending a 20-year relationship.
Aeon is scheduled to announce its annual results on 14 April.
No comments yet