Daiei's 1st-quarter operating profit falls 69%
TOKYO —
Supermarket operator Daiei Inc’s group operating profit in March-May fell 69.2% from a year before to 2,672 million yen. Group sales dropped 12.8% to 257,066 million yen in the first quarter of its current business year, the company said in a statement.
The sales and profit declines were attributable to reduced earnings contributions from OMC Card Inc as Daiei sold part of its stake in the consumer credit company. OMC Card was a consolidated subsidiary of Daiei before the share sale, but is now an affiliate covered by an equity method.
Daiei’s March-May group net profit plummeted 79.2% to 2,124 million yen, after the company reported a hefty 10,232-million-yen net profit a year before thanks to a 7.4-billion-yen special profit from the partial sale of its holdings of shares in supermarket operator Maruetsu Inc.
But food sales rose 2 pct on the back of a growing consumer tendency to take meals at home instead of dining out amid soaring gasoline prices, Daiei officials said.
JCN
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usaexpat
And that folks is why the former Daiei Hawks are now the Soft Bank Hawks. Daiei has been struggling for years now.
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westurn
No surprise. Limited product line... where's the butter and American beef ? Poor service... why do they take the product off the shelf at 9:00 pm when they say they stay open till 10:00 pm ??? And where are the express lines ? And why don't the clerks know exactly where their products are out on the floor ??? Frustrating experience shopping at Daiei !
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USARonin
Daie in Hawaii is now "Don Quiote".
I don't know if they sold the bidness, or just changed names 'cause they know we've imported most Filipinos to the Sandwich Isles and they have Hispanic names.
Still, nothin' insides changed. I like their "dollar" aisles.
"Shirokiya" at Ala Moana is real big, but expensive.
USAR
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