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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.
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