Yoshinoya Posts 1st Annual Net Loss in 6 Years

Economy

Tokyo, April 11 (Jiji Press)--Yoshinoya Holdings Co. <9861> incurred an annual net loss for the first time in six years in the year ended in February, the Japanese fast-food restaurant group said Thursday.

The red ink came as the company, known for its mainstay "gyudon" beef-on-rice bowls, booked an impairment loss related to the introduction of a new order-taking system using tablet devices, a move designed to lower labor costs.

The company posted a consolidated net loss of 6,000 million yen, compared with a profit of 1,491 million yen a year before.

Two executives, including President Yasutaka Kawamura, will get pay cuts of up to 20 pct for three months to take responsibility for the poor financial performance.

At a press conference, Kawamura said the company's all gyudon restaurants in Japan, totaling some 1,200 stores, will provide 2 pct of the amount of cashless payments as reward points once the consumption tax is raised to 10 pct from 8 pct in October.

[Copyright The Jiji Press, Ltd.]

Jiji Press