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Ikinari Steak operator dips $1m into red on overdone US foray

Japan's Nasdaq-listed Pepper Food posts first loss in eight years

An Ikinari Steak restaurant in Japan. The chain's strong showing in Japan failed to compensate for losses from a U.S. expansion push.

TOKYO -- Pepper Food Service, the Japanese company behind Ikinari Steak, reported its first annual net loss in eight years on Thursday as the steakhouse chain popular among domestic patrons struggled to find its footing in the U.S.

Pepper Food logged a net loss of 121 million yen ($1.09 million) for the year ended in December, compared with a 1.3 billion yen profit in 2017. In the U.S., store closings and associated costs forced the company to book about 1.2 billion yen in impairment losses and 1.3 billion yen in loss provisions. A strong showing in Japan and 300 million yen in proceeds from store sales failed to make up the difference.

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