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Aeon falls into red for 2nd straight year in interim earnings report
Tuesday, October 06, 2009 4:13 AM


TOKYO, Oct. 6, 2009 (Kyodo News International) -- Japanese retailer Aeon Co. said Tuesday it has incurred a group net loss of 14.68 billion yen for the six-month period through August, marking the second straight year the firm fell into the red at the interim stage.

Aeon, which operates Jusco and MaxValu supermarket stores, said its group operating profit also fell 39.5 percent to 35.50 billion yen on sales of 2.53 trillion yen, down 3.1 percent -- the first fall in revenue for its interim earnings report since the retailer began releasing such data in fiscal 1996.

The Chiba-based firm reported its first red ink in seven years for the 2008 business year ended in February, after being hit by shrinking consumer spending and special losses linked to its U.S. clothing affiliate Talbots Inc. (NYSE:TLB)

To turn around its business, the firm has said it will shift to smaller-sized supermarkets and offer more lower-priced products.

(Source: iStockAnalyst )


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