TOKYO—Japanese retailers reported mixed sales figures for May but a new study indicates that the country's luxury goods market will recover quickly after the devastating March 11 earthquake and tsunami.
Fast Retailing said Thursday that May comps at Uniqlo stores in Japan were down 1.6 percent compared with the same month last year. A Fast Retailing spokesman said he doesn't believe the quake is affecting sales. Instead, he blamed unseasonably cold weather and a typhoon in the middle of the month for slow sales of summer items.
"Our business condition is good," the spokesman said. "Even though it was very cold between May 20 and 27, our overall sales didn't change much from last year."
Meanwhile, department store operator Isetan Mitsukoshi Holdings said that sales at nine of its main stores in Japan were up 0.6 percent compared with May of last year.
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