Isetan Mitsukoshi Holdings, Japan's largest department store chain, has lowered its full-year forecasts after reporting a loss for the first six months of its fiscal year. The group also added that it does not expect the economy to bounce back anytime soon, adding, “We don't think it's possible to see recovery for a while”.
For the half ending September, the group reported an operating loss of 425m yen ($4.7m), down from a profit of 11.2bn yen last year. Revenues were also down, falling by 12.5% to 617.1bn yen.
The group said that it now expects sales for the year ending March 2010 to fall by 9% to 1.3trn yen, compared to its forecast of an 8.3% drop. It reiterated that it expects an operating profit of 2.0bn yen, and added that it would further cut costs as it looks to boost operating profit to 20bn yen in the year to March 2013.
Namnews - Monday 9th November 2009
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