Struggling retail giant Daiei Inc. is uncertain if it can achieve its business targets for the first half of this business year, Daiei President Kunio Takagi said Friday.
"I want banks and other parties concerned to evaluate our performance on a yearly basis through February 2003," Takagi said, adding Daiei is facing "an uphill battle." Daiei's fiscal first half ends Aug. 31.
Retail sales have tapered off since the beginning of July, he said, noting that companies cut biannual bonuses to workers this summer.
"The savings-minded slump in consumption is continuing," he said.
But despite the difficulty of achieving targets for the first half, Takagi said Daiei is rehabilitating itself in line with a three-year reconstruction plan, including 520 billion yen in financial support from its main creditor banks.