TOKYO — Takashimaya Co. Ltd. reported a steep drop both in sales and profits for the first quarter ended May 31.
This story first appeared in the June 29, 2009 issue of WWD. Subscribe Today.
Net profit dropped 93 percent to 316 million yen, or $3.2 million at exchange rates for the period. The retailer said Friday it has not seen any sort of recovery for apparel and high-priced luxury goods in recessionary Japan.
Sales slid 13.3 percent to 208.3 billion yen, or $2.13 billion. Operating profit dropped 72 percent to 2.1 billion yen, or $21.5 million.
During the period, Takashimaya said it worked to achieve a good balance between price and quality under the promotion of “nice price” and offered unique goods under “voice file” and “buyer recommends” promotions.