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Japan-Update

Daiei store revamp likely to bring coat of black ink

Aeon supermarket unit seen headed for first operating profit since fiscal 2011

TOKYO -- Japanese supermarket chain Daiei appears on course for its first operating profit in six years, as parent Aeon's overhaul of the unit looks to pay off.

Daiei is likely to log a small operating profit for the year ending February 2018, up from a 7.09 billion yen ($64.1 million) loss in fiscal 2016. Higher gross profit is seen contributing around 3 billion yen toward the improved result, with lower sales and administrative costs bringing around 4 billion yen. Sales are seen roughly in line with last fiscal year's 299.4 billion yen.

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