TOKYO — Takashimaya said Tuesday that its full-year net profit grew at a double-digit pace but issued a more cautious forecast for the year ahead as it cited the negative impact of Japan's sales tax hike.
Net profit for the year ended Feb. 28 increased 13.2 percent to 18.72 billion yen, or $188.1 million at average exchange rates for the period. The company said it benefitted from a weaker yen and a general uptick in the Japanese economy.
Operating profit grew at a comparable rate, increasing 14.2 percent to 29.1 billion yen, or $292.44 million.
Revenue for the twelve months grew by 3.9 percent to 904.18 billion yen, or $9.09 billion.
The retailer warned that this month's consumption tax hike- Japan's tax increased from five percent to eight percent- has had a negative effect on consumer behavior. Takashimaya said department store operators need to remain cautious about the future.
Takashimaya also released its guidance for the current fiscal year, ending Feb. 28, 2015, forecasting slower profit and sales growth.
The company said it is expecting net profit to grow 9.5 percent to 20.5 billion yen, or $198.65 million at current exchange rates. Takashimaya said operating profit will grow by 6.5 percent to 31 billion yen, or $300.4 million.
The retailer predicts full-year revenue will slip 0.5 percent to 900 billion yen, or $8.72 billion.
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