Japanese retailer Seiyu has reported that it expects to post a greater net loss in the first half of the year than it previusly announced.
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The supermarket store group, in which Wal-Mart owns a majority stake, blamed slow sales of clothes for the re-estimate which has seen it now predict a net loss of JPY6.9bn(US$57.9m) compared to previous estimates of JPY2.2bn.
Expectations for operating results were also cut. The company expects to make an operating loss of JPY2.2bn in the period compared to previous estimates for a JPY2.8bn profit. Revenue projections were cut from JPY478.4bn to JPY461.6bn
