April 5, 2019 / 7:27 AM / 8 months ago

Japan retailer Aeon warns of weaker-than-expected annual profit

TOKYO, April 5 (Reuters) - Japanese retail group Aeon slashed its annual profit estimate by 12 percent, citing bad weather and weak consumer sentiment.

The company warned that it expected to report a profit of 212 billion yen ($1.90 billion) for the year that ended in February, down from its previous forecast of 240 billion. The market’s consensus forecast was for 226 billion yen, according to Refinitiv data.

Aeon owns Japan’s biggest supermarket chain, but its stores have struggled due to lacklustre growth in household spending.

$1 = 111.6400 yen Reporting by Ritsuko Ando; Editing by Muralikumar Anantharaman

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