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Japanese unit of Wal-Mart expects higher net loss in 2006

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Wal-Mart’s Japanese unit Seiyu has announced that the losses in 2006 can be higher than what the company earlier expected. The company expects the net losses to be in the region of $ 479.6 million, which is greater than the expected $ 468.4 million.

The sales during FY 2006 are expected to total $8.3 billion, down by over 3.6 per cent year-on-year, while projected consolidated operating profit is $27.5 million, said to be up 2 per cent over fiscal 2005.

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