By  on April 9, 2012

TOKYO — Department store operator Takashimaya said net profit for the 12 months ended February 29 fell 21.3 percent compared with the previous year. A spokesman for the company said the drop was mainly due to write-offs related to the closure and sale of its New York store the year before. The Japanese retailer's net totaled 10.9 billion yen, or $138.15 million at average exchange rates for the period.

Operating profit rose 16.1 percent on the year to 21.1 billion yen, or $267.54 million.

Takashimaya said revenue for the year dropped 1.3 percent to 858.12 billion yen, or $10.88 billion. It cited effects of last year's earthquake and tsunami, flooding in Thailand, a strong yen, and the European financial crisis as factors that affected its performance.

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"Under such circumstances, the group has proceeded with restructuring, together with solidifying our business strengths," the company said, stressing that while revenue slipped, operating profit grew substantially.

The retailer also released forecasts for the current fiscal year, ending February 28, 2013. It expects net profit to rise 19.3 percent to 13 billion yen, or $158.02 million at current exchange rates. The company sees operating profit growing 13.7 percent to 24 billion yen, or $291.73 million.

Takashimaya forecasts full-year revenue of 880 billion yen, or $10.7 billion, an increase of 2.5 percent.

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