TOKYO — Japanese department store operator Takashimaya Co. saw its profit for the six months ended August 31 more than double, despite tough economic times and a slight drop in revenue.
Takashimaya said Tuesday its first-half net profit totaled 8.36 billion yen, or $92.96 million at current exchange. This represents an increase of 172 percent on last year’s figure of 3.07 billion yen, or $31.81 million. The company said a lower-tax rate helped boost its bottom line.
Operating profit jumped 53.2 percent to 7.989 billion yen, or $88.84 million.
Revenue for the group came in at 422.73 billion yen, or $4.7 billion yen. In local currency terms, that represents a decrease of 1.4 percent from last year’s figure of 428.86 billion yen. However, in dollar terms, revenue actually increased from $4.44 billion in 2009.
The company said that it is increasing its sales power through restructuring and a new long-term strategy. It also said that it and other Japanese department stores are beginning to see a slight recovery in performance, despite unstable conditions in the international economy.
Takashimaya group kept its forecasts for the financial year ending February 28, 2011, intact. It is predicting a net profit of 11 billion yen, or $134.085 million at current exchange. Revenue is seen coming in at 861 billion yen, or $10.495 million.
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