TOKYO — Sales and profits dropped at Takashimaya for the nine-month period to Nov. 30, which the retailer said was due to the recession.
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.