JAPAN: Daiei posts sharp rise in recurring profit
Struggling Japanese retailer Daiei has said its recurring profit rose 146.4% in the year to February, helped by the sale of unprofitable stores and special sales promotions.
Daiei, Japan's third-largest retailer, said consolidated recurring profit was ¥31.5bn (US$290.4m) for the year to 29 February, compared to ¥12.79bn in the previous year, reported Reuters. Revenues dropped 9.3% to ¥1.99trn.
Group net profit fell 86.6% to ¥18.15bn, mainly due to the effect of a bailout in the previous year. However, this was the company's second straight successive of profitability.
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