TOKYO — Isetan Mitsukoshi Holdings said Friday that its first-half net profit plummeted 91.5 percent due to a high comparative base on tax benefits and extraordinary gains from a year ago.
Japan’s largest department store operator posted a first-half net profit of 1.74 billion yen, or $21.96 million, for the six months ended September 30. thatfigure is down sharply from 20.58 billion yen, or $258.43 million, last year. Dollar figures are calculated based on average exchange rates for each period.
The company’s operating profit fell 9.8 percent to 8.16 billion yen, or $102.85 million, on a combination of higher expenses and the closure of a store in Tokyo, according to a spokesman.
Sales for the fiscal half decreased by 1.5 percent, totaling 574.93 billion yen, or $7.24 billion.
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