JAPAN: Seiyu revises group earnings downwards into red
Japanese supermarket operator Seiyu has revised downwards its projected group earnings for the six months due to end 31 August.
JSluggish sales of summer goods due to poor summer weather are expected to leave the group in the red to the tune of ¥10bn (US$83.2m), compared with a forecast made in April that saw the group breaking even, reports Kyodo News International.
JPretax losses are expected to hit ¥3.5bn on turnover worth ¥558bn during the first half, down from a forecast pretax profit of ¥1.5bn on turnover of ¥570bn.
JSales of key summer items such as swimwear and air conditioning units have been well down on forecasts, thanks to unusually cool weather in the first weeks of the summer.
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