Japanese retailer Seiyu, an affiliate of US retail giant Wal-Mart, has reported a second consecutive full-year loss, hit by slow sales and the weak economy.
Go deeper with GlobalData
Seiyu posted a net loss of ¥7.09bn (US$67.2m) for the year to 31 December, on revenues of ¥937.6bn. Due to a change in the company’s accounting period, its latest financial year covered only a ten-month period, reported Reuters. For its previous financial year to February 2003, Seiyu posted a net loss of ¥90.84bn.
Seiyu, which is 37.8% owned by Wal-Mart, said it was targeting a net profit of ¥500m for 2004.
“It was a tough year. But I believe we could lay the foundations for future growth that we expect to come around 2007,” Seiyu President Masao Kiuchi was quoted by Reuters as saying.
Seiyu said its same-store sales fell 3.7% in 2003, as Japanese retailers were hit by unseasonable weather conditions such as a cool summer and mild winter.
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
