TOKYO–Isetan Mitsukoshi Holdings said Thursday that its net profit for the first half of its fiscal year came in at 12.2 billion yen, or $115.1 million at average exchange rates for the period, while revenue totaled 705.4 billion yen or $6.65 billion.
Japan’s biggest department store operator did not release year earlier figures for the six-month period ended Sept. 30 because Isetan Co. and Mitsukoshi Ltd. merged their operations in April.
In particular, the company said clothing sales at Isetan fell 3.8 percent in the first half of the year while those at Mitsukoshi were down 6.7 percent.
Isetan Mitsukoshi chalked up operating income of 11.22 billion yen or $105.8 million, and ordinary income of 19.24 billion yen or $181.4 million, over the six-month period.
For the current full business year to March 31, 2009, the Isetan Mitsukoshi group is forecasting revenues of 1.48 trillion yen, or $15.42 billion yen, and net income of 27 billion yen, or $281.3 million.
The company also announced a new three-year business plan for the years 2009 through 2011. It will invest 160 billion yen, or $1.67 billion, with most of the sum going towards refurbishing its flagship stores in Tokyo.
The top priority will be given to three major stores: Mitsukoshi’s Nihonbashi store, which the company claims to be Japan’s biggest single store in terms of sales volume, Isetan’s Shinjuku store and Mitsukoshi’s landmark Ginza store.