TOKYO — Sales and profits dropped at Takashimaya for the nine-month period to Nov. 30, which the retailer said was due to the recession.
This story first appeared in the December 29, 2009 issue of WWD. Subscribe Today.
Net profits during the three quarters fell 63.2 percent to 4.04 billion yen, or $42.7 million at average exchange. Operating profits were down 66.3 percent to 6.8 billion yen, or $72.3 million, compared with the same period a year ago. Sales declined 12.3 percent to 633.9 billion yen, or $6.7 billion.
For the financial year ending Feb. 28, the firm has revised the sales projection downward to 876 billion yen, or $9.58 billion at current exchange, from the 886 billion yen, or $9.69 billion, made in October. The new projected sales will be 10.3 percent down from year-ago revenues. No change was seen in projected operating profits of 15 billion yen, or $164.1 million, down 39.5 percent from a year ago, and the projection for net profits of 7.5 billion yen, or $82.1 million, down 36.2 percent from a year ago.