Aeon forecasts another net income record

Aeon forecasts another net income record

Japanese retailer Aeon has forecast another year of record net income after a near-12% increase over the last 12 months.

Aeon expects its net income to be JPY75bn (US$763.9m) for the year to the end of February, up 0.4% on the JPY74.5bn it generated in the last financial year. Its net earnings then were up 11.9%.

The retailer also said it expects its operating profit to rebound this year. In the 12 months to the end of this February, operating income fell 3.8% to JPY191bn despite higher sales amid competition with its rivals on price. Aeon sees operating income reaching JPY200-210bn this year.

Revenue was up 8.8% at JPY5.69trn. Aeon forecast revenue of JPY6trn this year.

Aeon is looking to increase its stake in Japanese supermarket chain Daiei. Last month, it said it had made an offer to buy Marubeni Corp.'s 24% stake in Daiei. The deal would take Aeon's shareholding to 44%.