Seiyu, the Japanese unit of Wa-Mart, said today (16 February) that its full year loss deepened to JPY55.79bn (US$467m), compared with a loss of JPY17.7bn posted a year earlier.
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The company was hit by an extraordinary loss of JPY49.2bn for impairment losses on its fixed assets during the year.
Sales declined 3.6% to JPY960.86bn. However, same-store-sales for the year increased for the first time in more than 15-years increasing by 0.6%.
“We are going in the right direction and the direction stays the same as 2006,” said Seiyu chief executive Ed Kolodzieski. “We continue our focus on speedy changes in merchandising and services based on customer needs.”
Looking to the current year, Seiyu said that it expects a return to profitability, predicting profits of JPY800m on sales of JPY992.1bn.
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