Japanese retailer Aeon Co., has posted a net loss in the quarter ended 20 May, as a result of corporate tax adjustment expenses.
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The Chiba-based retailer recorded a net loss of YEN9.27bn (US$1.18bn) for the fiscal first quarter, compared with a profit of YEN8.02bn a year ago.
The tax adjustment expenses amounted to YEN15.64bn, the company said.
Revenue rose 4.1% on year to YEN1.28 trillion from Y1.228trn a year earlier. Operating profit fell 20.2% to Y22.65bn.
The company maintained its earnings forecast at YEN11-15bn for the current year. Revenue is expected to exceed YEN5.4 trn.
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By GlobalDataLast month Aeon, facing a failing domestic market owing to the country’s rapidly ageing population, said it would accelerate its expansion in China.
“At present, we run 23 GMS [general merchandise stores] and Jusco supermarkets in China. By 2010, we are planning to open 100 new GMS and SM shops,” a spokeswoman for the company told just-food.
Aeon’s first shopping centre in Beijing is also on course to open in September.
