JAPAN: Daiei raises net profit forecast, but operating revenue down
Struggling Japanese retailer Daiei has raised its full year net profit forecast to JPY50bn (US$422m), up from JPY5bn, citing extraordinary profits from the sale of real estate. However, the group cut estimated operating revenue from JPY1.33trn to JPY1.29trn due to what it described as intensifying competition in the increasingly aggressive Japanese retail sector.
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