J. Front Braces for 76 Pct Plunge in FY 2020 Net Profit

Economy

Tokyo, April 10 (Jiji Press)--Japanese department store operator J. Front Retailing Co. <3086> said Friday its consolidated net profit is forecast to plunge 76.5 pct from the previous year to 5 billion yen in fiscal 2020.

The dismal outlook for the year ending in February 2021 came as the coronavirus crisis is expected to hit sales at group department stores and retail unit Parco Co.

J. Front Retailing's performance may turn out even weaker than projected, because the latest estimate does not reflect shutdowns by Daimaru and Matsuzakaya department stores following the declaration of a state of emergency for Tokyo and some other areas issued by the government Tuesday.

President Ryoichi Yamamoto told a press conference that the company has taken unprecedented damage to its sales from the COVID-19 crisis, which kept many people at home while causing a plunge in visitors from abroad.

The earnings estimate may change depending on the course of the spread of infection, Yamamoto said, indicating that recalculated projections will be disclosed when necessary.

[Copyright The Jiji Press, Ltd.]

Jiji Press