Japan Dept. Store Firms Hit Hard by Epidemic in March-May
Tokyo, July 15 (Jiji Press)--Four major Japanese department store operators saw dismal business results in March-May due to the fallout of the novel coronavirus epidemic, according to their earnings reports released by Wednesday.
All four firms suffered year-on-year plunges in operating revenue and reported operating losses in the first three months of their current business year to February 2021.
Of the four, J. Front Retailing Co. <3086>, the operator of the Daimaru and Matsuzakaya stores, logged the largest operating loss, at 27,103 million yen, compared with the year-before operating profit of 12,794 million yen.
Operating loss came to 7,368 million yen at Takashimaya Co. <8233>, 1,241 million yen at Sogo & Seibu Co., a unit of retail giant Seven & i Holdings Co. <3382>, and 959 million yen at Matsuya Co. <8237>.
Takashimaya logged about 8.5 billion yen in extraordinary losses including personnel costs related to store closures amid the virus crisis. Matsuya's special losses stood at about 1.3 billion yen.
[Copyright The Jiji Press, Ltd.]