ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Muji slips into red after cruel summer in US and Europe

Japanese lifestyle brand books record write-downs on unprofitable stores

A Muji store on 59th Street in New York. The pandemic took a toll on the company's U.S. and European operations. (Photo by Ken Moriyasu)

TOKYO -- The parent of the Muji lifestyle brand has suffered a 12.8 billion yen ($121 million) quarterly net loss and posted its biggest write-downs to date as it struggles to draw American and European customers back to its stores during the pandemic.

Ryohin Keikaku on Thursday reported its first-ever net loss for the June-August quarter, down from a net profit of 6.7 billion yen in the same period a year earlier. It booked 14.2 billion yen in write-drowns on underperforming stores for the abbreviated fiscal year ended August.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more