Japanese retailer Seven & I Holdings has dropped its forecasts for its half-year and annual earnings amid challenging domestic trading conditions.

The company said today (1 September) that it now expects operating income for the six months to the end of August to be down 20.9% on the year at JPY117bn.

Net income is expected to slide by a third to JPY44bn, Seven & I warned.

Across Seven & I’s full year, the retailer has forecast a 12.3% fall in operating income to JPY250bn for the 12 months to 28 February next year. Net income is seen falling 11.4% to JPY109bn.

“There are signs of recovery in certain sectors of the domestic economy, but an overall recovery seems unlikely, and consumer sentiment remains weak,” Seven & I said.

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“Unseasonable summer weather and notable declines in market prices, not only for apparel but also for frequently purchased food items, have had an adverse influence. The challenges faced by the Seven & I have exceeded expectations.”