Negative Impact of Tax Hike Continues at Japan Dept. Stores
Tokyo, Dec. 2 (Jiji Press)--Four major Japanese department stores Monday reported lower same-store sales for the second straight month in November, as luxury goods sales turned weak after brisk last-minute demand that preceded the October consumption tax hike.
But their year-on-year sales falls were smaller than those in October, when they all suffered some 20 pct sales declines.
November same-store sales fell 4.2 pct at Takashimaya Co. <8233>, 5.3 pct at Sogo & Seibu Co., 7.3 pct at Isetan Mitsukoshi Holdings Ltd. <3099> and 8.9 pct at J. Front Retailing Co. <3086>, which runs the Daimaru and Matsuzakaya stores.
Sales of winter clothing were sluggish due to relatively high temperatures. Jewelry sales sank after jumping in the run-up to the Oct. 1 tax hike to 10 pct from 8 pct.
Meanwhile, some products are recovering. Cosmetics sales at Daimaru and Matsuzakaya and food sales at Takashimaya slightly increased from the previous year.
[Copyright The Jiji Press, Ltd.]