Japanese retailer Seiyu, an affiliate of US retail giant Wal-Mart, has posted a net loss for the first half, as sales were hit by weak consumer spending.
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Seiyu, Japan’s fourth-largest retailer, reported a group net loss of ¥8.43bn (US$76.7m) for the six-month period, compared to a year-earlier net loss of ¥22.39bn. The year-ago result included almost ¥35bn in special charges related to a group reorganisation and stock losses.
In August, Seiyu forecast a first-half net loss of ¥10bn, blaming sluggish consumption and weak demand for summer items as Japan experienced cool, rainy summer weather.
Wal-Mart, which owns a 37.8% stake in Seiyu, is aiming to use the Japanese company’s 400 stores as a way into the Japanese market.
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By GlobalData
