By  on May 12, 2009

TOKYO — Japan’s largest department store operator, Isetan Mitsukoshi Holdings Ltd., posted a lower-than-expected net profit for the year ended March 31, amid a protracted slump in consumer spending.

Isetan Mitsukoshi said Tuesday it generated a net profit of 4.68 billion yen, or $46.8 million at average exchange, for the period. That’s more than 50 percent lower than the target it gave in February, when the company issued a profit warning. At that time, it said net profit was on track to come in at 11 billion yen, or $122.9 million.

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