Japanese retailer Ito-Yokado has posted a 59.8% fall in group net profit for the fiscal year to 28 February due to the increasing cost go store closures and renovations. The supermarket operator, which holds a 50.1% stake in Japan's top convenience store Seven-Eleven Japan, reported group net profit of ¥21.02bn (US$175.7m), compared to ¥52.32bn in the previous year.