TOKYO — Japanese department store operator Takashimaya said Monday that its first-quarter net profit for the three months ended May 31 more than doubled, due mainly to a low comparative base caused by write-offs related to the closure and sale of its New York store two years ago.
Profit totaled 3.86 billion yen, or $47.56 million at average exchange rates for the period. Last year’s profit was 1.71 billion yen, or $20.87 million at average rates for that period.
First-quarter operating profit increased by 68.7 percent to 5.88 billion yen, or $72.49 million.
Revenue for the quarter was up 6.5 percent on the year, totaling 207.35 billion yen, or $2.55 billion.
The retailer said that although the department store business has seen recovery since last year’s earthquake and tsunami, various factors, including financial instability in Europe and worries about Japan’s power supply mean the future is still uncertain.
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“Under these circumstances, our group has focused on restructuring, together with strengthening of our sales power,” the company said. “Furthermore, by leveraging the strengths of group companies with high earnings, we have been able to concentrate the group’s synthesis and improve our achievements.”
Takashimaya left its full-year guidance unchanged. It expects net profit for the twelve months ending February 28, 2013 to increase by 19.3 percent to 13 billion yen, or $161.54 million at current exchange rates.
The company forecasts operating profit will grow 13.7 percent to 24 billion yen, or $298.22 million. Revenue is expected to increase by 2.5 percent to 880 billion yen, or $10.93 billion.