Japanese supermarket chain Daiei has reported first-quarter revenue of ¥463bn (US$4.24bn) and said it was on track to achieve its sales and profit targets for the full year.

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The struggling company, which is Japan’s third-largest retailer, did not provide year-on-year comparisons for the March to May quarter, reported Reuters.


Daiei, which is undergoing restructuring with the help of the government and several banks, backed its outlook of consolidated net profit of ¥41bn and revenue of ¥1.86trn for the full year.


“We have made almost half of what we are aiming for in interim profit despite the fact that July is usually our busiest month. Things are going to plan,” Daiei spokeswoman Kumiko Takahashi was quoted by Reuters as saying.

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