Industry retailers plan to grow their aggregate footprint by 2.4% in 2025, exactly the same as last year, despite continued macro pressures on consumers and the unstable trade environment.

Net income at the Japanese retailer was down 50% to ¥44 million ($0.3 mm) in the fiscal first half ended Feb. 28 from ¥44 million last year, on 2% lower revenues of ¥28,576 million ($188.7 mm) down from ¥28,059 million.

The ratings agency downgraded CAL’s issuer credit rating to BB- from BB due to the retailer facing margin pressures and outstanding debt reaching $220 million in FY 24, resulting in adjusted leverage growing to 2.2x.