Japanese retailer Seiyu, an affiliate of US retail giant Wal-Mart, has posted a net loss for the first half, as sales were hit by weak consumer spending.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Seiyu, Japan’s fourth-largest retailer, reported a group net loss of ¥8.43bn (US$76.7m) for the six-month period, compared to a year-earlier net loss of ¥22.39bn. The year-ago result included almost ¥35bn in special charges related to a group reorganisation and stock losses.
In August, Seiyu forecast a first-half net loss of ¥10bn, blaming sluggish consumption and weak demand for summer items as Japan experienced cool, rainy summer weather.
Wal-Mart, which owns a 37.8% stake in Seiyu, is aiming to use the Japanese company’s 400 stores as a way into the Japanese market.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
