Japanese grocery retailer Seiyu, an affiliate of US retail titan Wal-Mart, has reported a narrower first-half loss, helped by cost cuts.
Go deeper with GlobalData
Seiyu posted a consolidated net loss of ¥2.88bn (US$26.2m) for the six-month period, compared to a net loss of ¥8.43bn a year earlier, reported Reuters. Revenues were ¥527.38bn, compared to ¥557.95bn in the year-ago period.
“We have been steadily proceeding with cost-cutting measures,” Seiyu’s president, Masao Kiuchi, was quoted by Reuters as saying. “Raising sales is now our major task, but prices are still under heavy downward pressure and we can’t be optimistic about an early upturn.”
Seiyu, which is 37.8% owned by Wal-Mart, is Japan’s fourth-largest supermarket chain, with 400 stores.
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.
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
