Japan’s second largest retailer, Aeon Co, has reported a 22.9 per cent increase in its first half operating profit and lifted its full-year forecast above market expectations.
According to a report by Reuters, the company, which operates supermarkets and convenience stores, as well as boutiques and shopping malls, racked up an operating profit of ¥76.42bn (US$996.2m) during the March to August period. This is compared with profits of ¥62.18bn over the same time the previous year.It had since raised its operating profit outlook for 2012 to ¥195-205bn, up from ¥175bn, the news source reported.
These figures support a general upswing in retail profits following the 11 March disasters as more consumers spurned restaurants in favour of eating at home and buying cheaper private-label products, the report stated.
Consumers in the country also spent more on cold beverages, ice cream and energy saving products due to limited air conditioner use because of power shortages, the report added.
