Isetan Mitsukoshi Estimates Annual Net Loss

Economy

Tokyo, April 27 (Jiji Press)--Isetan Mitsukoshi Holdings Ltd. <3099> said Monday that it now expects to post a consolidated net loss of 11 billion yen for the year ended last month due to the fallout from the coronavirus pandemic.

The Japanese department store operator previously projected a net profit of 7 billion yen.

The downward revision came after sales in January-March tumbled because of a sharp decline in customer traffic. The company postponed an announcement of its earnings to May 11 from May 7.

Isetan Mitsukoshi also cut its sales forecast to 1,119 billion yen from 1,155 billion yen and its operating profit estimate to 15.5 billion yen from 20 billion yen.

The company's department store sales in April are predicted to fall by some 80 pct from a year before due to coronavirus-linked shutdowns.

[Copyright The Jiji Press, Ltd.]

Jiji Press