Ailing supermarket operator Daiei Inc. said Tuesday it suffered a 10.2 percent year-on-year decline in fiscal 2000 operating revenue on a parent-only basis, bringing in 1.98 trillion yen and falling below 2 trillion yen for the first time in a decade.
But the debt-laden supermarket chain also announced that it regained group profitability for the first time in four years during the 12 months to Feb. 28, thanks to the unloading of shareholdings and cost-cutting efforts.
Daiei said it posted a consolidated net profit of 45.89 billion yen during its fiscal year, recovering from a loss of 21.94 billion yen in the previous 12 months, mostly on sales of shares in convenience store operator Lawson Inc.