Japan Oct. Dept. Store Sales Down by around 20 Pct
Tokyo, Nov. 2 (Jiji Press)--Four major Japanese department store operators have reported year-on-year sales drops of around 20 pct in October mainly because of negative effects of the Oct. 1 consumption tax hike.
Hurt also by store shutdowns due to Typhoon Hagibis, the four groups incurred bigger sales drops than in April 2014, when Japan carried out its previous consumption tax increase. That month, their sales fell by around 10 pct.
Last month, Isetan Mitsukoshi Holdings Ltd. <3099> saw its sales slide 21.2 pct, according to data released Friday.
Sales declined 19.7 pct at Takashimaya Co. <8233>, 19.2 pct at Sogo & Seibu Co. and 18.7 pct at J. Front Retailing Co. <3086>, which runs the Daimaru and Matsuzakaya stores.
Jewelry and clothing sales dropped markedly at all four groups.
[Copyright The Jiji Press, Ltd.]