Bar Chain Watami Incurs 1st Net Loss in 3 Years

Economy

Tokyo, May 27 (Jiji Press)--Bar and restaurant chain operator Watami Co. <7522> reported on Wednesday a consolidated net loss of 2,945 million yen for the year ended in March, logging a net loss for the first time in three years.

The company recorded a net profit of 1,373 million yen for the preceding year.

The poor performance came after Watami booked impairment losses of 1,920 million yen on the "Watami" dining bar chain business and others whose earnings are not expected to recover, due to the fallout from the new coronavirus outbreak.

Its consolidated sales fell 3.9 pct year on year to 90,928 million yen.

The company, which operates 491 outlets in Japan, will close 65 directly operated stores by July.

[Copyright The Jiji Press, Ltd.]

Jiji Press