Bic Camera Slashes Profit Estimate

Economy

Tokyo, April 9 (Jiji Press)--Japanese electronics retailer Bic Camera Inc. <3048> on Wednesday cut its consolidated earnings forecasts for the year ending in August due to the fallout from the outbreak of the new coronavirus.

The company lowered its operating profit projection by 2.7 billion yen to 3.5 billion yen, which is down 84.7 pct from the previous year. The sales forecast was slashed by 100 billion yen to 841 billion yen.

Bic Camera has seen sales to visitors from abroad, mainly from China, tumbling since late January. The company, together with subsidiaries Kojima Co. <7513> and Sofmap Co., has been forced to shut stores or shorten operating hours.

"We can't expect a major recovery in sales in the second half," Bic Camera said.

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Jiji Press