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San-A shareholders win despite drop in profits

Date Posted: 2009-03-26

Okinawa’s largest supermarket chain did well by its stockholders in the year now winding down, offering a dividend despite a dip in operating profits.

San-A, which announced its first decline in operating profits in 14 years, says supermarket operations remain profitable but that clothing and household goods sales had declined slightly. Operating profits dropped from 4.5% to 2.7% to ¥8,300,000,000, ¥500,000,000 below expectations. Company officials say net profits were ¥4,9 billion on a gross sales figure of ¥131.1 billion.

Televisions and household goods, as well as the clothing sales divisions, weren’t selling well because of the economy’s decline, but San-A officials are still pleased. “We know our operating profit went down,” one official noted, “but we increased the dividend to our shareholders by ¥1.0.”

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