Japanese retailer Aeon today (7 July) posted a 62% drop in operating profit as falling consumer spending hit sales.
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Operating profit slid to JPY8.72bn (US$91.5m) in its first quarter, which ended in May.
Same-store sales at its core Japanese supermarket business dropped 5.8% year-on-year, despite aggressive pricing actions.
However, Aeon retained its full-year profit forecast of JPY130-140bn, suggesting that further discounting initiatives would drive sales gains.
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