TOKYO — Isetan Mitsukoshi Holdings said Friday that it saw growth in both profit and sales for the first nine months of its fiscal year, thanks in part to lower tax payments and a low comparative base.
Net profit for the nine months ended Dec. 31 rose 33.1 percent to 24.08 billion yen, or $197.44 million at average exchange rates for the period.
The retailer’s operating profit grew 16.5 percent to 30.76 billion yen, or $252.23 million.
Japan’s largest department store saw its nine-month sales grow 2.9 percent to 968.63 billion yen, or $7.94 billion.
During the same nine months a year earlier, both profit and sales had fallen year-on-year.
Isetan Mitsukoshi has shifted its focus recently to include not only traditional department stores, but also smaller-format specialty stores. These include a chain of multibrand beauty stores called Isetan Mirror and Isetan Salone, a curated mini-Isetan that opened in the Roppongi district of Tokyo last year. On Wednesday the company opened a duty-free floor at its Mitsukoshi department store in Tokyo’s Ginza neighborhood. It is the first airport-style duty-free store located in central Tokyo.
Isetan Mitsukoshi Holdings left unchanged its guidance for the fiscal year ending March 31. It expects net profit to fall 9.7 percent to 27 billion yen, or $224.05 million at current exchange rates.
The retailer is predicting operating profit growth of 11.8 percent to 37 billion yen, or $307.03 million.
It forecasts that net sales will grow 3 percent to 1.31 trillion yen, or $10.87 billion.