Seiyu losses grow four-fold

Seiyu, the Japanese retailer part-owned by Wal-Mart, admitted that its losses quadrupled to US$96.3 million (£53.6 million) in the first half of its financial year, because of falling sales. This compares with a loss of US$26 million (£14.5 million) in the same period last year.

The retailer is hoping to reduce full-year losses to US$68.2 million (£38 million).

Seiyu operates 400 stores throughout Japan, specialising in clothing, general merchandise and food. Wal-Mart has a 42 per cent stake in the retailer, which it has built up since 2002, and has options to increase its holding to 62 per cent.

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