TOKYO — Takashimaya said its first-half profits and sales grew on a combination of factors including a weak yen, a general uptick in the Japanese economy.
Net income for the six months ended Aug. 31 climbed 15.3 percent to 7.61 billion yen, or $77.66 million at average exchange rates for the period, the retailer said Thursday.
Operating profit increased by 10.2 percent to 11.16 billion yen, or $113.79 million.
The department store operator’s first-half sales grew 3.7 percent to 435.29 billion yen, or $4.44 billion.
RELATED CONTENT: WWD Earnings Tracker >>
Takashimaya also raised its guidance for the current financial year, ending February 28.
The retailer now expects net profit to increase by 5.8 percent to 17.5 billion yen, or $179.92 million at current exchange rates. This is up from a previous forecast of 16.7 billion yen, or $171.70 million.
The retailer upped its full-year operating profit forecast from 28 billion yen, or $287.87 million, to 29 billion yen, or $298.16 million.
The company is now expecting yearly sales growth of 3.9 percent to 904 billion yen, or $9.29 billion. This is up from a previous forecast of 897 billion yen, or $9.22 billion.