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.