NET FALLS 31% FOR FIRST HALF AT TAKASHIMAYA

NEW YORK--Takashimaya Co., the Tokyo-based department store chain, reported net profits declined 31 percent in the six months ended Aug. 31, and the firm reduced its earnings forecast for the year.
The retailer earned $13.5 million (1.32 billion yen), or 6 cents (5.96 yen) a share, in the half. Sales slid 3.8 percent to $3.5 billion (341.99 billion yen).
In the 1993 half, Takashimaya netted 1.92 billion yen, or 8.68 yen a share, on sales of 355.47 billion yen.
Takashimaya said it expected the second half to be difficult for Japanese department stores because of competition from other types of retailers and a consumer shift to lower-priced goods.
It reduced its net profit forecast for the full year to 1.8 billion yen from 2.3 billion yen; earnings are expected to rise 19 percent over last year's 1.51 billion yen.
Sales are expected to dip 2.2 percent to 702 billion yen, unchanged from the original forecast.--Fairchild News Service

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