JAPAN TIMES


 

Japanese retail giant Aeon Co. has reported a record group net loss of ¥71.02 million for the year through February, its first red ink in 12 years.

Its general merchandise supermarket operations incurred an operating loss due to temporary closures of tenant shops during Japan’s first coronavirus state of emergency, declared in April last year.

Aeon’s shopping mall operations were also sluggish, though the food supermarket store business fared well.

President Akio Yoshida told a news conference Friday that his company aims to achieve a V-shaped recovery in the current year from March, bringing its earnings up to the levels two years ago, or before the coronavirus crisis.

Among other retailers, Seven & i Holdings Co. saw its consolidated net profit in the year through February drop 17.8% from the previous year to ¥179.26 million, the first decline in four years.

The result reflected revenue declines in all business categories amid the coronavirus crisis, according to Seven & i’s earnings report released Thursday.

Special losses totaling ¥109 billion stemming from the pandemic and other factors also weighed on the company’s earnings.
Operating revenue sagged 13.2% to ¥5.77 billion.

Convenience store unit Seven-Eleven Japan Co. reported lower sales and profits, with customer traffic decreasing especially in urban areas due to voluntary restrictions on going out.

In the overseas convenience store business, Seven & i saw profit margins from gasoline sales improve thanks to crude oil price falls, but the profit level went down in yen terms.

Department store operator Sogo & Seibu Co. incurred its first operating loss since it became a Seven & i subsidiary in 2006, battered by temporary store closures and opening hour cuts under states of emergency.

Meanwhile, supermarket chain Life Corp. said Friday that its group net profit grew 2.3-fold to ¥17.82 million thanks chiefly to stay-home demand.

Although customer visits decreased, per-shopper spending grew by around 10%. Sales from its online shopping service also surged.
Lawson Inc. has reported consolidated sales and profit falls in its convenience store operations. It logged a 56.8% plunge in net profit.