Japan’s second-largest retailer Aeon more than doubled its operating profit in the first quarter, boosted by the absence of US clothing chain Talbots.
Operating profit reached JPY21.8bn (US$250.14m) for the quarter ended 31 May, up on the JPY8.7bn it posted a year earlier. Revenue fell 2.5% to JPY1.215tn from JPY1.246tn in the same period last year.
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It posted a net profit JPY19.27bn profit, compared to the JPY2.49bn loss recorded in the same period last year.
The company stepped up cost-cutting efforts in the wake of a sharp fall in sales during the economic downturn.
Aeon said it will book a special JPY18.14bn profit from the sale of its 54% stake in Talbots last December.
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