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Takashimaya H1 Profits Grow 15.3%

The retailer said a weak yen and a stronger Japanese economy boosted its results.

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.

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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.