JAPAN: Wal-Mart affiliate Seiyu posts H1 net loss
Struggling Japanese retailer Seiyu, an affiliate of US retail titan Wal-Mart, has reported a first-half net loss and confirmed its forecast of fourth consecutive full-year loss.
Seiyu, which is 42.4% owned by Wal-Mart, posted a net loss of ¥10.59bn (US$95.9m) for the six months to June, compared to a loss of ¥2.88bn a year earlier, hit by weak sales, reported Reuters. Sales dropped 5.4% to ¥482.03bn.
The company insisted it was on the way to recovery, however, as it progresses with the adoption of Wal-Mart retail systems.
Seiyu, which has around 400 stores, reiterated its forecast for a full-year net loss of ¥7.5bn.
Companies: Wal-Mart Stores
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