Aeon has revealed that group profit dropped 62 per cent during the first quarter (Q1) of the year to Y8.72bn (US$91.5m), hit by lower consumer spending during the financial slowdown.
Same-store sales at its core supermarkets dropped 94 per cent during the March-May period, despite extensive cost cutting measures and an increased offering of own-brand labels, Reuters reported.
Despite the results, the Japanese retailer maintained a steady operating profit forecast ofY130bn-Y140bn, up 4.5-12.6 per cent on 2008.
Last week, rival retailer Seven & I announced that operating profit for the first quarterended in May fell 17.5 per cent, a result of falling sales during thecurrent economic crisis.
