Ailing Japanese retailer Daiei has posted a slump in quarterly profits thanks to fierce competition in the sector.

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Local reports said today (12 July) that Daiei had posted a 31.8% fall in first-quarter operating profit to JPY8.7bn (US$71m). Sales fell 11.9% to JPY294.9bn.


Fellow retailer Aeon is the largest shareholder in Daiei and the companies are working to turn the business around. Aeon owns a 15% stake in the company.


Daiei has been seeking to revive its fortunes through a partnership after the company’s financial collapse in 2004.

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