Japanese retailer Daiei has booked a drop in first-quarter earnings as soaring raw material prices, competition and low consumer sentiment hit profits.
In the three months to the end of February, net profit fell to JPY1.34bn (US$13.4m) from JPY2.24bn a year earlier. Operating profit dropped to JPY811m from JPY1.45bn last year, the retailer reported today (5 July).
Go deeper with GlobalData
While on a “moderate recovery trend”, Daiei said it had experienced “soaring” import fuel and raw material prices, intense competition and low consumer confidence due to reduced disposable incomes in the quarter.
Sales, however, climbed 5.9% in the period to reach JPY193.39bn.
Click here to view the full earnings release.
See Also:
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
