Aeon posts revenue increase

Japanese retail group Aeon yesterday forecast a 1.5 per cent increase in operating profit for the financial year, and said the effect of a post-quake decline in discretionary consumer spending would likely be offset by demand for basic goods. Despite a seven per cent fall in its share price following the events of the 11 March earthquake, Aeon forecast a 175bn yen (£1.28bn) operating profit for the year beginning in March with the aid of continuing demand for food and other essentials. Aeon owns the operator of Japan's biggest convenience store chain, Seven-Eleven.