Jiji Press TOKYO (Jiji Press)—Yoshinoya Holdings Co. incurred an annual net loss for the first time in six years in the year ended in February, the Japanese fast-food restaurant group said Thursday.
The red ink came as the company, known for its mainstay gyudon beef-on-rice bowls, booked an impairment loss related to the introduction of a new order-taking system using tablet devices, a move designed to lower labor costs.
The company posted a consolidated net loss of ¥6,000 million, compared with a profit of ¥1,491 million a year before.
Two executives, including President Yasutaka Kawamura, will get pay cuts of up to 20 percent for three months to take responsibility for the poor financial performance.
At a press conference, Kawamura said the company’s all-gyudon restaurants in Japan, totaling some 1,200 stores, will provide 2 percent of the amount of cashless payments as reward points once the consumption tax is raised to 10 percent from 8 percent in October.Speech