TOKYO — Japanese department store operator Takashimaya Co. posted a net profit of 7.7 billion yen, or $82.6 million at average exchange, for the year ended Feb. 28, down 34.4 percent from last year.
The retailer blamed the drop on continued weak consumer spending, brought on by a combination of consumer anxiety regarding the current global economic situation and Japan’s aging society. It also cited the continued low performance of the department store industry in general in Japan.
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