Aeon Co. has posted a net loss for its first six months, as Japan’s recession cut into consumer spending on food and clothes.
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Japan’s second-largest retailer reported a net loss was Y14.7 billion (US$165m) for the six months ended August, compared with a loss of Y16bn a year earlier. Sales dropped 3.1% to Y2.53 trillion.
The company also reported a 39.5% fall in first-half operating profit to Y35.5bn, down from Y58.7bn a year earlier.
Despite the disappointing results, Aeon said it was reiterating its full-year forecast at a range of Y130-140bn in operating profit, up 4.5-12.6% from a year earlier.
“Spending remained in the doldrums,” Aeon said in the statement. “We have been pursuing a low-pricing strategy and cutting costs” to improve profitability.
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