JAPAN: Wal-Mart’s Seiyu reports heavy losses, announces structural changes
Seiyu, the Japanese retailer in which Wal-Mart has a 37.7% stake, upset investors yesterday [Tuesday], unveiling worse-than-expected losses. Net losses came in at ¥90.8bn (US$760m) for the year, well down from the ¥5.2bn profit it reported a year ago, and behind recent forecasts. The poor performance was attributed to a special loss of ¥102.6bn, attributed in part to a drop in the value of its share in the Seibu department store group.
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