Japanese retailer AEON , which saw profits rise almost 12% in its last financial year, has forecast another year of record earnings.

The company, which has stores in 12 Asian territories, has predicted its net profit could increase by up to 9.4% over the 12 months from the start of March.

In the year to the end of February, Aeon made a net profit of JPY66.75bn (US$824.1m), up 11.8% on the previous 12 months. Its operating profit increased 13.5% to JPY195.69bn.

The higher earnings came on the back of cost cuts as sales inched up 2.1% to JPY5.21trn.

For its new financial year, Aeon has forecast a 1.9-9.4% increase in net profit to JPY68-73bn. It has predicted 7.3-12.4% growth in operating profit to JPY210-220bn. The retailer also estimates a 8.5% rise in sales to JPY5.65trn.