Japanese convenience store chain Lawson has posted a full-year net loss as the retailer undergoes a restructuring programme to combat a consumer slump.
Lawson, which is second in the Japanese domestic convenience store industry by market share, posted consolidated net profit for the year to 28 February of ¥8.86bn (US$73.4m), down 45% compared to the previous year. The retailer attributed the lower net profit to a ¥19.5bn special loss related to store closures and early retirement costs.
The company’s operating revenues were ¥250.3bn, down 2.3% and roughly in line with analysts’ forecasts, reported Reuters.
Lawson forecasted a rise of 94% in group profit for the current financial year to ¥17.20bn, thanks to its cost-cutting measures, which included closing loss-making stores.