Isetan Mitsukoshi Logs 11-B.-Yen Net Loss for FY 2019

Economy

Tokyo, May 11 (Jiji Press)--Japanese department store operator Isetan Mitsukoshi Holdings Ltd. <3099> on Monday reported a consolidated net loss of 11,187 million yen for fiscal 2019 through March.

The result, which compared with the previous year's profit of 13,480 million yen, came after sales plunged from February due to a sharp decrease in foreign visitors and voluntary restrictions on going out amid the coronavirus pandemic.

Isetan Mitsukoshi stores have been shut across the country since April, when the government declared a state of emergency over the COVID-19 crisis.

The company skipped an announcement of its earnings projections for the current year through March 2021, because it is not sure when it can reopen its stores. Its store closures are forecast to push down its profits by 15 billion per month.

Consolidated sales for the latest year fell 6.5 pct from the previous year to 1,119,191 million yen. Operating profit tumbled 46.4 pct to 15,679 million yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press