By  on August 2, 2013

TOKYO — Isetan Mitsukoshi Holdings said Friday its first-quarter net profit grew 11.4 percent on increased sales, lower expenses and a strategic shift to new retail formats, including smaller specialty stores.

The company's net profit for the three months ended June 30 totaled 6.76 billion yen, or $68.48 million at average exchange rates for the period.
Operating profit rose 53.2 percent to 10.58 billion yen, or $107.15 million. Isetan Mitsukoshi attributed this high growth the reduced expenses and restructuring within the company.
Sales at Japan's largest department store operator increased 4.4 percent to 303.19 billion yen, or $3.07 billion.

The retailer raised its full-year earnings and sales guidance but also expressed caution about future trading conditions. The company's fiscal year ends March 31.


To continue reading this article...

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus