TOKYO -- Isetan Co., the giant Japanese retailer and partner in the expansion of Barneys New York, reported net earnings for the year ended March 31 dipped 2.9 percent.

Net earnings were $32.1 million, or 3.21 billion yen, from 3.31 billion yen a year ago. Pretax earnings fell 19 percent, to $53.9 million, or 5.39 billion yen, from 6.63 billion yen a year earlier.

Sales were down 3.3 percent, to $5.49 billion, or 549 billion yen, from 567.5 billion yen.

Isetan has a minority stake in Barneys branch stores in the U.S. and a majority stake in Barneys stores in Japan. Isetan also owns 50 percent of the real estate of Barneys flagship store on Madison Avenue.

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