Japan convenience stores Seven & I Holdings and FamilyMart predicted profit gains on Thursday, showing that general merchandise shops may be well placed to weather back-to-basics spending of consumers following the ea...
Aeon Co Ltd, Japan's second-largest retailer, said it comfortably beat its profit forecast for the financial year ended last month thanks to cost cuts and improved sales at its general merchandise stores.
Japan's retailers were struggling with sluggish sales before Friday's earthquake and tsunami. Now their challenge is more daunting with heightened uncertainty about the economy set to squeeze consumer spending further.
Aeon Co Ltd, Japan's second-largest retailer, said on Tuesday it will take a 12.31 percent stake in Parco Co and seek an alliance with the fashion-oriented shopping mall operator, helping to lift its urban presence.
Japan's top retailer Seven & I Holdings retained its annual forecast after reporting a 7.4 percent rise in quarterly operating profit, with market attention on restructuring plans to help it further boost profit growth.
The Japanese brand has suffered a 15% sales decline in the Japanese market, which accounts for 80% of its total turnover. The fall can be explained by increased local competition and mild Aumtumn-Winter weather.