TOKYO — Takashimaya Co. Ltd. reported a steep drop both in sales and profits for the first quarter ended May 31.
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.