Japan Dept. Stores Incur 10-30 Pct Sales Drops in June
Tokyo, July 1 (Jiji Press)--Four major Japanese department store operators said Wednesday their same-store sales in June dropped about 10 to 30 pct from a year before.
The sales declines in their preliminary reports were much smaller than 60 to 70 pct in May, as the companies reopened all stores by early June after closures due to the spread of the novel coronavirus.
Sales fell 29.0 pct at J. Front Retailing Co. <3086>. The operator of the Daimaru and Matsuzakaya stores suffered a bigger sales drop than its rivals because it had depended heavily on purchases by foreign tourists.
At Isetan Mitsukoshi Holdings Ltd. <3099>, sales slid 19.0 pct as its flagship stores in Tokyo's busy Shinjuku and Ginza districts recovered only slowly.
Sogo & Seibu Co., a Seven & i Holdings Co. <3382> unit, reported a sales drop of 16.5 pct, smaller than the 19.4 pct fall last October, when the consumption tax was raised to 10 pct from 8 pct.
[Copyright The Jiji Press, Ltd.]