3 Major Japanese Dept. Store Firms See Sales Growth in Aug.
Tokyo, Sept. 3 (Jiji Press)--Three of Japan's four major department store operators posted year-on-year growth in same-store sales for August, backed by brisk demand for summer products such as sandals and parasols following the end of the rainy season.
The growth was also supported by a last-minute surge in demand for some goods before the planned consumption tax rate hike from 8 pct to 10 pct on Oct. 1.
Takashimaya Co.'s <8233> sales grew 3.8 pct. Sogo & Seibu Co., a unit of Seven & i Holdings Co. <3382>, reported a 3.0 pct sales increase. Sales at Isetan Mitsukoshi Holdings Ltd. <3099> rose 2.7 pct.
J. Front Retailing Co. <3086>, which runs Daimaru and Matsuzakaya stores, saw its sales inch down 0.3 pct as customer traffic fell due to a powerful typhoon that struck the country in mid-August.
"Last-minute demand is beginning to emerge gradually, mainly for expensive items such as watches," an Isetan Mitsukoshi official said.
[Copyright The Jiji Press, Ltd.]