JAPAN: Mycal announces restructure plan in bid to revive its flagging fortunes
Supermarket operator Mycal announced measures yesterday (23 January) designed to revive the ailing company within three-years. It also brought bad news for investors, slashing earnings estimates for its fiscal year, which is due to end on 28 February, because of extraordinary losses. The company now expects to deliver news of a group net loss of ¥105bn rather than a ¥4bn group net profit, and a pre-tax loss of ¥6bn instead of ¥16bn pre-tax profit.
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