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.
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