By  on August 7, 2009

TOKYO—Isetan Mitsukoshi Holdings Ltd. is still feeling the effects of Japan’s recession.

The company said Friday that net profit for the quarter ended June 30 slumped 49.7 percent to 3.86 billion yen, or $39.6 million at average exchange for the period. Sales dipped 13.5 percent to 306.28 billion yen, or $3.15 billion.

Japan’s largest department store operator maintained its net profit guidance for the current fiscal year ending March 31, 2010 but lifted its sales forecast.

The company still expects net profit to come in at 20 billion yen, or $209.9 million at current exchange. But sales are now seen coming in at 1.31 trillion yen, or $13.75 billion, up from an earlier forecast of 1.28 trillion yen, or $13.43 billion.

The company was formed last year when former rivals Isetan and Mitsukoshi merged their operations.

 

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