JAPAN: Wal-Mart unit issues profit warning
Japanese supermarket chain Seiyu has reportedly forecast a net loss of JPY20.9bn for 2007 (US$195m), higher than previously estimates of JPY10.4bn.
Seiyu, a unit of US retail giant Wal-Mart, reduced its group operating profit forecast to JPY400m from JPY4.6bn and sales projection to JPY952.3bn from JPY963bn, according to Reuters.
The new forecast came as Seiyu's sales dipped 1.2% from the previous year on a same-store basis due to weak sales of clothing and housing-related products.
Last year, Wal-Mart completed its tender offer to acquire total control of Seiyu.
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