Japanese retailer Seiyu, an affiliate of US retail giant Wal-Mart, has said it now expects a net loss of ¥83bn (US$704m) for the 2002/03 financial year to February, compared with the ¥21bn loss it forecast in October.

The company said the revised forecast was due to extraordinary losses on a department store investment. Seiyu said it booked a one-time loss of ¥35.49bn from its investment in Seibu Department Stores.

Wal-Mart has a 33.4% stake in Seiyu. The Japanese retailer said it could not have gone ahead with restructuring plans without the financial backing of Wal-Mart.

“Wal-Mart is fully and actively supporting Seiyu in its efforts going forward to improve its operational and financial situation,” a Wal-Mart spokeswoman was quoted by Reuters as saying.

“As we have maintained throughout our involvement with Seiyu, changes will be gradual – not immediate or dramatic,” she said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.