Yoshinoya Bracing for 1st Group Net Loss in 6 Years
Tokyo, Sept. 27 (Jiji Press)--Japanese restaurant group Yoshinoya Holdings Co. <9861> said Thursday that it expects to report its first consolidated net loss in six years in the year to February 2019.
The company now projects a loss of 1.1 billion yen, against its previous forecast of 1.7 billion yen in profit, citing weaker-than-expected sales despite a major discount campaign.
Key subsidiary Yoshinoya Co., which runs "gyudon" beef-on-rice bowl restaurants, and another unit Hanamaru Inc., offering "udon" noodles, jointly launched the campaign in spring.
But same-store sales at Yoshinoya between March and August fell behind the group's estimate, posting only a 4.0 pct increase from a year before.
In addition, Yoshinoya Holdings also suffered a rise in personnel expenses due to employees' extended working hours amid a labor shortage in the group as a whole.
[Copyright The Jiji Press, Ltd.]