Japan's Seiyu Sees Sales and Profits Rise
TOKYO - Japanese supermarket operator Seiyu Ltd.'s sales and profits rose across the board in the fiscal year ended Feb. 28, thanks to cost-cutting steps and new store openings, Dow Jones reports.
Seiyu, which last month agreed to let Wal-Mart Stores purchase a 66.7 percent stake in the company, said its group operating revenue for the year rose 3.5 percent to Y1.109 trillion, while cost-cutting steps enabled it to post a 28 percent rise in operating profit to Y20.09 billion.
Seiyu cites expansion of its brand product lineups and broader store hours as two reasons for its success last year.
Seiyu, which last month agreed to let Wal-Mart Stores purchase a 66.7 percent stake in the company, said its group operating revenue for the year rose 3.5 percent to Y1.109 trillion, while cost-cutting steps enabled it to post a 28 percent rise in operating profit to Y20.09 billion.
Seiyu cites expansion of its brand product lineups and broader store hours as two reasons for its success last year.