Shares in Aeon Co soared after first-quarter net profit tripled largely thanks to the opening of Japan’s economy after the lifting of coronavirus restrictions.
The company’s shares rose 9.5% to 2,616 yen, after rising as much as 9.7% earlier.
Aeon said after the market closed yesterday that net profit rose to 19.37 billion yen ($142.5 million) for the quarter to May, from 5 billion yen a year ago.
Revenue rose 2.3% to 2.203 trillion. That’s partly due to a rebound in clothing and cosmetics sales, as well as movie theater attendance.
It maintained estimates for the year through February 2023, forecasting revenue of $9 trillion. Yen and net profit of 25-30 billion Yen.
Source: Capital
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