Tokyo, April 9 (Jiji Press)–Ministop Co. on Wednesday posted a third straight year of net loss for the year that ended in February, hurt by the fallout of a scandal involving falsified expiration dates for handmade prepared foods sold by the Japanese convenience store chain. The company reported a consolidated net loss of 5.6 billion yen for the year following a loss of 6.7 billion yen in the previous year. The scandal that came to light in August forced Ministop to suspend sales of handmade prepared foods, including “onigiri” rice balls. The cost of installing surveillance cameras to prevent a repeat of the scandal also weighed on the company. The company posted an operating loss of 3.6 billion yen, compared with a loss of 3.4 billion yen in the previous year. Revenue grew 4.9 pct to 91.7 billion yen. Ministop has resumed sales of handmade prepared foods gradually since October. The company aims to reduce costs through measures including closing unprofitable stores in an effort to swing back to profitability in the year ending in February 2027. It expects to post 100 million yen in net profit, 1.5 billion yen in operating profit and 97 billion yen in revenue for the year. END [Copyright The Jiji Press, Ltd.]
Ministop Posts 3rd Straight Annual Loss
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