JAPAN: Daiei posts massive H1 profit due to store closures
Japanese retailer Daiei has posted a 132% increase in first-half group recurring profit to ¥5.72bn (US$45.7m) after it closed 48 loss-making stores.
Daiei, Japan's third-largest retailer by sales, also said that its net profit for the six months ending in August rose 435% to ¥140.49bn. Revenue fell 9.7% from the previous year to ¥1.16trn.
The company has been trying to reduce debt by selling off some of its assets and loss-making stores, including some discount and wholesale outlets.
Daiei received a ¥520bn bank bail-out back in February and ¥60bn from creditors yesterday [Thursday], reported Reuters.
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