WWD.com/business-news/financial/takashimaya-revenues-sink-56-percent-in-quarter-3682437/

TOKYO — Japanese department store operator Takashimaya said operating profit for the three months ended May 31 fell 12.5 percent year-on-year, reflecting reduced footfall and sales volumes following the March 11 earthquake and tsunami.

Operating profit for the period totaled 3.49 billion yen, or $42.58 million at average exchange rates for the period.

Revenue was down 5.6 percent to 194.76 billion yen, or $2.38 billion.

“Our country’s economy was dealt a large blow by the Tohoku earthquake in March, and while the effects still remain, we also see signs of recovery,” the company  said in a release. “However, as there are still many things to be concerned about, such as the problem with the power supply.”

Net profit for the company’s fiscal first-quarter increased 26.6 percent to 1.71 billion yen, or $20.86 million, due mainly to a one-time credit from the liquidation of the company’s New York subsidiary, a company spokesman said.

While Takashimaya left unchanged its full-year guidance, it increased its forecasts for the six months ending August 31, saying that business has rebounded since the initial post-quake shock. It now expects net profit for the period to come in at 3.5 billion yen, or $43.46 million at current exchange, down 58.1 percent from the same period last year.

The company is forecasting that operating profit will decrease 18.6 percent to 6.5 billion yen, or $80.72 million. Revenue is now expected to decrease 4 percent to 406 billion yen, or $5.04 billion.