Japanese retailer Aeon has said it expects its half-year group profits to be slightly lower than previously forecast and also cut its parent earnings forecast for the full year.
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Aeon forecast parent net income, which excludes subsidiaries and affiliates, of ¥15bn (US$126.0m) for the year to 20 February, compared to previous guidance of ¥20bn. It also cut its parent first-half earnings forecast to ¥3bn from ¥7.5bn.
The company said its group net profit for the full year would be in line with previous forecasts of ¥51.5bn.
Aeon said the revised forecasts were the result of cooler weather and heightened competition in food items, reported Bloomberg.
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