Companies news

Record sales for distribution giant Æon

The company expects record sales of 10,000 billion yen for the coming year.

Japanese distribution giant Æon has announced record sales and operating profit for the year just ended.

At a press conference, Æon President Akio Yoshida stated that he wanted to “respond [to household needs] by taking the situation into account.” Faced with a situation of rising food prices, households in Japan are in fact facing an increase in the Engel coefficient, i.e. the share of consumption allocated to food expenditure.

Between February 2023 and February 2024, the Group has announced a level of sales almost 5% higher than the previous year, i.e. nearly 9,500 billion yen (almost 57 billion euros).

The company also announced that it expected sales to reach 10,000 billion yen in the current fiscal year (equivalent to 60 billion euros), just behind Seven & i Holdings.

This result is linked to the improved performance of supermarkets in general, and a significant increase in the profits of small supermarkets such as Maibasuketto.

In addition to an increase in distribution prices due to higher food prices, the company also expects higher labor costs due to rising wages in Japan.