Shares in Japanese supermarket retailer Daiei's have risen sharply after the retailer reported a first quarter operating profit increase of 32.8% to CNY12.72bn (US$1.59bn), compared to the same period last year.

According to a report in AFX Asia, the company's stock was up 4.6% at CNY2,165. The result was despite a revenue decrease to CNY334.77bn in the quarter, from CNY424.95bn in Q1 2005.