JAPAN: Wal-Mart arm confirms losses
Seiyu, Wal-Mart's Japanese arm, has booked a net loss of over JPY20.9bn (US$193.7m) for 2007 due to a series of asset write-downs.
The company, which warned of the losses on Tuesday (12 February), posted its annual results today.
Seiyu said it had missed its sales and earnings targets after seeing operating profit tumble 87% to JPY434m and sales dip 0.9% to JPY952.3m.
During the latter past of last year, Seiyu introduced a series of price cuts and remodelled 80 stores - just under a quarter of its outlets - under its Sensei! Kando Kakaku programme.
Wal-Mart moved to take total control of Seiyu mid-way through last year amid concerns over the company's performance. The US retail giant now owns 96% of the business.
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