Japanese retailer Aeon Co has reported a fall in first quarter net income of 11.7%, according to the Bloomberg news agency.
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The company left its full-year profit forecast unchanged.
Group net income fell to 11.8bn yen ($104.9m) in the three months ended 20 May, from 13.3bn yen a year earlier, the company said in a statement through the Tokyo Stock Exchange. Sales gained 4.9% to 1.03 trillion yen.
Aeon has said it expects most of an increase in full-year earnings to come from its credit cards, shopping mall management and other non-supermarket operations. Yasuyuki Sasaki, an analyst at Credit Suisse First Boston in Tokyo said he expects the company will maintain its earnings forecast. He spoke before the earnings were announced today.
“`Aeon’s mall and credit card businesses are doing well,” Sasaki said.
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By GlobalDataThe retailer, based in Chiba city near Tokyo, left unchanged its full-year profit forecast, estimating net income of 19bn yen for the year ending February 2006.
Aeon in April said it expects to take a 79bn yen charge against assets in the year ending February 2006.
