By  on July 31, 2014

TOKYO — Isetan Mitsukoshi Holdings said Thursday its first-quarter net profit fell 28.7 percent on higher expenses, as business slowed in the wake of April's sales tax hike.
 
Japan's largest department store operator posted a net profit of 4.82 billion yen, or $47.15 million at average exchange rates for the three months ended June 30.
 
The company's operating profit dropped 40.1 percent to 6.34 billion yen, or $62.07 million. Sales for the quarter slid 6.1 percent to 284.69 billion yen, or $2.79 billion.

 

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