TOKYO — Isetan Mitsukoshi Holdings’ operating profit for the three months ended June 30 more than doubled compared to the same period last year.
Net profit for Isetan Mitsukoshi’s fiscal first quarter totaled 16.9 billion yen, or $207.14 million at average exchange rates for the period. This is compared to a loss of 795 million yen, or $8.63 million, which the company posted a year earlier. Isetan Mitsukoshi attributed that loss largely to a special loss it incurred due to the disposal of fixed assets.
Operating profit came in at 5 billion yen, or $61.31 million, more than twice last year’s figure.
Isetan Mitsukoshi’s sales rose 0.2 percent to 289.95 billion yen, or $3.55 billion. The company said this was despite setbacks including rolling blackouts, radiation fears, supply chain disruptions and lowered consumer spending caused by the March 11 earthquake and tsunami, but warned that a full-blown recovery has not yet been reached.
The department store operator also revised its guidance for the full year ending March 31, 2012. It now expects a net profit of 33 billion yen, or $430.1 million at current exchange. It predicts a 45.5 percent increase in operating profit, to 16 billion yen, or $208.6 million. Sales are expected to fall 0.4 percent to 1.22 trillion yen, or $15.85 billion.