Japan’s Daiei Inc has reported a fall in group revenue in the nine months from March to November. The supermarket operator said revenues in the period dropped 9.1%, on the comparable period a year ago, to Y1,272.69bn.
The company blamed the fall to weak sales at its supermarkets and the closure of a number of its loss-making stores.
A report by Jiji Press said group operating profit in the period totalled Y27,239m. Net profit reached Y417,825m. However, this figure was in part achieved due to a special profit related to creditor banks’ debt forgiveness. The company is undergoing a rescue package laid out by the government-backed Industrial Revitalization Corp. of Japan.