Japanese retail group Ito-Yokado has said its first-half group profits will be lower than its earlier estimates, partly due to cool weather in early summer, which hit sales of summer products.

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Ito-Yokado said it now expects a group net profit of ¥13bn (US$110.2m) for the six months to 31 August under US accounting rules, compared to a previous projection of ¥28.3bn.

Ito-Yokado slightly lowered its sales guidance to ¥1.667trn from ¥1.68trn for the first half.

Rival retailers Aeon and Seiyu have also recently lowered their six-month earnings outlooks due to the unseasonably cool summer weather, reported Reuters.

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