The financial results of the three major department stores for the year to February increased significantly due to the removal of restrictions on movement and an increase in sales of clothing and high-priced goods in line with the recovery in inbound demand.
The financial results announced by the three major department stores for the year to February 3 showed that total sales and operating revenues were 14.2% compared to the previous year
▽ J. Front Retailing, which operates Daimaru Matsuzakaya Department Store, 1.15% ▽ Takashimaya 3.15%
for the entire group,
excluding factors due to changes in accounting standards Sogo and Seibu also increased by 8%.
This was mainly due to strong sales of high-priced items such as watches and jewelry due to an increase in clothing sales due to the removal of restrictions on movement during the pandemic and a recovery in inbound demand due to the easing of border measures.
As a result, Takashimaya posted
a profit of 11.5 billion yen, more than five times the previous year, and J. Front posted a profit of 278.3 billion yen,
more than three times the previous year.
On the other hand, Sogo and Seibu posted a loss of 142 billion yen due to high store renovation costs, the fourth consecutive year of final loss.
Tatsuya Yoshimoto, president of J. Front Retailing, said at the financial results briefing held on January 130, "Department stores have been the slowest in the retail industry and are finally on a full-fledged recovery trend. We must pay close attention to the impact on the economy and private consumption."