TOKYO — Takashimaya said Friday that net profit for the nine months ended Nov. 30 rose 22.8 percent year-over-year. The retailer attributed the growth to higher sales at its department stores, as well as to onetime payments from the selling off of fixed assets.
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Net profit for the period totaled 13.03 billion yen, or $124.5 million at average exchange.
Operating profit grew 8.3 percent to 17.84 billion yen, or $170.38 million. Takashimaya reported year-over-year revenue growth of 1.1 percent for 655.5 billion yen, or $6.26 billion.
The company left unchanged its guidance for the fiscal year ending Feb. 28. It expects net profit to grow by 14.9 percent to 21.5 billion yen, or $178.6 million at current exchange. Takashimaya is predicting a 10 percent rise in operating profit, to 32 billion yen, or $265.9 million.
The department store operator forecasts annual revenue growth of 1.3 percent, for a total of 916 billion yen, or $7.6 billion.