Japanese retailer Seiyu, an affiliate of US retail titan Wal-Mart, has said it expects to report a bigger-than-expected net loss of ¥12.3bn (US$119.1m) for 2004.
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The company, which is 37% owned by Wal-Mart, has already said that its same-store sales were down nearly 10% in December due to warmer weather in the first part of the month and heavy snow later on.
Seiyu’s previous forecast was for a loss of ¥4bn for 2004, compared to a loss of ¥7.09bn for 2003, reported Reuters.
