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Aeon group suffers hefty six-month loss

Date Posted: 2008-10-16

The giant Aeon group, which operates MaxValu and Jusco supermarkets on Okinawa, reports a plunge from profits to hefty losses during first six months of the fiscal year.

Aeon reports a net loss of •16.1 billion for the six-month period ending in August, down from a net profit of •23.81 billion the same period in 2007. The profit loss came even as revenues were up 3.2%, •2.61 trillion, over the same period a year ago.

Jusco and MaxValu, two of Aeonís big supermarkets, attribute much of the loss to drops in spending on clothing as consumers become more wary of spending. Aeonís president, Motoya Okada, still says its profitability forecasts stand, noting the companyís closing of stores losing money will stem the problems. He says Aeon will close 60 instead of 40 poor-performing stors over the coming 16 months.

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