JAPAN: Ito-Yokado issues drastic profit warning
Japanese retail giant Ito-Yokado has reduced its interim group net profit forecasts by 59%. Ito-Yokado, which runs the 5,800-strong US convenience store chain 7-Eleven and operates more than 9,000 7-Eleven stores at home in Japan, said it now expects to report group net profit of ¥7bn (US$57m) for the half year to 31 August. This is a significant downtrend from the ¥17bn forecast as recently as May, and the ¥35.6bn profit posted last year.
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