Japanese retailer Daiei has seen its net losses widen in the first half of its financial year.
In the six months to the end of August, Daiei booked a net loss of JPY14.5bn (US$148.4m). This compares to a net loss of JPY2.72bn a year earlier. The retailer blamed slow apparel sales and charges for store closures.
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Daiei, which became a subsidiary of Aeon in August, reported operating losses of JPY4.13bn, versus an operating loss of JPY1.55bn last year.
Sales also slid, by 3% to JPY409.29bn as sales of high-margin apparel slumped due to “poor” weather and “intensified” competition.
For the full year, Daiei has kept its guidance for operating profit of JPY1bn.
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