TOKYO — Isetan Mitsukoshi Holdings said Friday that its nine-month net profit grew as it shifted to new, smaller retail formats and cut expenses.
Japan's largest department store operator said net profit for the nine months ended Dec. 31 grew 12.2 percent to 19.69 billion yen, or $198.29 million at average exchange rates for the period.
Operating profit rose 23.2 percent to 29.72 billion yen, or $299.32 million. Isetan Mitsukoshi attributed the growth mostly to reduced expenses and restructuring within the company.
Net sales advanced 5.1 percent to 966.78 billion yen, or $9.74 billion.
Isetan Mitsukoshi said that its Isetan department store in Tokyo's Shinjuku district, which underwent rolling renovations and had its grand opening last March, has been performing consistently well throughout the period. It said that sales of big-ticket items in particular are growing, as are purchases by non-Japanese shoppers.
The retailer left unchanged its guidance for the fiscal year ending March 31, indicating a somewhat cautious outlook for the fourth quarter in terms of profitability. The company expects net profit to drop 20.9 percent to 20 billion yen, or $195.2 million at current exchange. It said operating profit should grow 22 percent to 32.5 billion yen, or $317.2 million, while sales should increase 5.1 percent, to 1.3 trillion yen, or $12.69 billion.
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