Japanese retailer Daiei has posted better-than-expected first-half group net profit and stuck to its full-year profit forecast.
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The company reported net profit of ¥2.3bn (US$20.9m) for the six months to August, compared to its April forecast of ¥2bn net profit. The result, which also beat analysts’ forecasts, was 98.4% lower than the year-ago period, mainly due to the huge bailout the company received last year, reported Reuters.
First-half sales were down 14.8% year-on-year to ¥992.1bn, while operating profit rose 10.5% to ¥22.7bn.
“In the midst of a very tough operating environment and weather conditions, there were areas in which we could not cope well, but as far as our cash flow and debt slashing plans we are on target,” Daiei President Kunio Takagi was quoted by Reuters as saying.
Daiei backed its forecast of an 87% drop in group net profit to ¥18bn for the year to February.
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By GlobalData
