Takashimaya Slips into Red in 1st Quarter

Economy

Tokyo, July 6 (Jiji Press)--Major Japanese department store operator Takashimaya Co. <8233> on Monday reported a group net loss of 20,530 million yen for March-May, the first red ink for the first quarter since it started disclosing quarterly earnings in the year to February 2004.

The company also incurred an operating loss, of 7,368 million yen, in the first three months of its current business year to February 2021, due to the fallout from the novel coronavirus pandemic.

In March-May 2019, Takashimaya posted a net profit of 10,597 million yen and an operating profit of 7,746 million yen.

The dismal performances in the latest reporting period reflected temporary store closures in and outside Japan following the pandemic. The company booked 8.5 billion yen of extraordinary loss to cover personnel costs and rent payments during the closures.

Consolidated operating revenue plunged 48.0 pct to 116,204 million yen.

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Jiji Press