Aeon today (7 April) posted its first profit drop in ten years as falling consumer spending in Japan hit sales.

Aeon, Japan’s number two retailer, said operating profit fell 18% to JPY156.04bn (US$1.52bn) for the year ended on 20 February. This is JPY4bn above the forecast announced in February when the retailer cut its outlook.

Aeon said that low consumer spending had hit revenues at its supermarkets, with parent-only same-store sales slipping 0.4% during the year.