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Japan's Ito-Yokado Sees Profits Rise Despite Gloomy Economy

TOKYO - Ito-Yokado, Japan's second-largest supermarket operator, today reported a 7 increase in profits in the year that ended in February, defying Japan's gloomy economic environment, The Financial Times reports.

Ito-Yokado, which has a 50.8 percent stake in Seven-Eleven Japan, said group net profits rose to Y52.3 billion ($397.6 billion) from Y48.9 billion last year. Operating profits dropped 2.7 percent to Y161 billion on revenues of Y3,330 billion, up 7.4 percent.

On Wednesday the company announced it would sell its 87.7 percent stake in discount shop chain Daikuma in a restructuring plan that includes the closure of its unprofitable Hypermarts.

Seven-Eleven Japan reported a 1.9 percent increase in group net profits to Y81.7 billion.
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