Daiei today (10 October) posted a significant drop of 92.7% in first-half net profit, according to local reports.
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The Japanese retailer saw net profit drop to JPY3.36m (US$33,577) as a result of “anaemic consumer spending” and “impairment losses” on fixed assets.
In the March-August period, pre-tax profit jumped 25.8% to JPY1.74bn as a result of the retailer reducing its interest-bearing debt through asset sales.
Sales slumped 12.3% to JPY526.28bn.
For all of its full fiscal year, Daiei estimates group net profit of JPY1bn, down 97.5% from the previous year. The company has forecast pre-tax profit of JPY5bn, down 42.1%, on sales of JPY1.05trn, down 12.2%.
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