On the 8th, Isetan Mitsukoshi Holdings announced its consolidated financial results for the second quarter of the fiscal year ending March 2014 (April-September 2013). Sales were ¥602.85 billion (up 4.9% year-on-year), operating profit was ¥12.63 billion (up 54.7%), ordinary profit was ¥13.42 billion (up 101.4%), and net profit was ¥7.44 billion (up 326.7%). Operating profit was the highest since the merger, ordinary profit doubled, and quarterly net profit quadrupled, representing a significant increase.
At Isetan Mitsukoshi alone, both sales and gross operating profit increased 5.3% year-on-year, while operating profit and ordinary profit both increased 60%. Quarterly net profit also saw a significant increase of 99.2%. In particular, Isetan Shinjuku, Mitsukoshi Nihonbashi Main Store, and Mitsukoshi Ginza Stores drove overall sales growth, increasing 8% year-on-year. Entry, customer numbers, and average customer spend all increased by 3.7%, 4.3%, and 3.5%, respectively, exceeding the previous quarter. Both Isetan Shinjuku and Mitsukoshi Ginza Stores saw sales exceed 10%.
The Isetan Shinjuku Store, which underwent a remodeling and grand opening in March, saw a 9% increase in women's clothing sales and a 19% increase in women's accessories, resulting in a 15.8% increase in the remodeled area. Excluding the 33.6% increase in watches and jewelry and the 98.8% increase in sales to foreign customers, sales were still up 107.6%. This is not just due to the effects of Abenomics; strengthening the store's unique identity drove customer growth and sales growth. In particular, the independent merchandising zones, including Urban Closet, a new concept women's clothing store on the second floor, saw a 15% increase, and Re-Style on the third floor saw a 45% increase, driving sales and profits.
Consolidated earnings forecast for the fiscal year ending March 2014 has been revised upward by 10 billion yen to 1.3 trillion yen in sales. Operating profit is unchanged at 32.5 billion yen, with ordinary profit expected to be 34 billion yen and net profit expected to be 20 billion yen.
At Isetan Mitsukoshi alone, a 1% increase in sales is expected due to last-minute demand before the consumption tax hike, and sales have been revised upward by 14.3 billion yen from the initial forecast to 663.7 billion yen (up 5.7% from the previous fiscal year).
At Isetan Mitsukoshi alone, both sales and gross operating profit increased 5.3% year-on-year, while operating profit and ordinary profit both increased 60%. Quarterly net profit also saw a significant increase of 99.2%. In particular, Isetan Shinjuku, Mitsukoshi Nihonbashi Main Store, and Mitsukoshi Ginza Stores drove overall sales growth, increasing 8% year-on-year. Entry, customer numbers, and average customer spend all increased by 3.7%, 4.3%, and 3.5%, respectively, exceeding the previous quarter. Both Isetan Shinjuku and Mitsukoshi Ginza Stores saw sales exceed 10%.
The Isetan Shinjuku Store, which underwent a remodeling and grand opening in March, saw a 9% increase in women's clothing sales and a 19% increase in women's accessories, resulting in a 15.8% increase in the remodeled area. Excluding the 33.6% increase in watches and jewelry and the 98.8% increase in sales to foreign customers, sales were still up 107.6%. This is not just due to the effects of Abenomics; strengthening the store's unique identity drove customer growth and sales growth. In particular, the independent merchandising zones, including Urban Closet, a new concept women's clothing store on the second floor, saw a 15% increase, and Re-Style on the third floor saw a 45% increase, driving sales and profits.
Consolidated earnings forecast for the fiscal year ending March 2014 has been revised upward by 10 billion yen to 1.3 trillion yen in sales. Operating profit is unchanged at 32.5 billion yen, with ordinary profit expected to be 34 billion yen and net profit expected to be 20 billion yen.
At Isetan Mitsukoshi alone, a 1% increase in sales is expected due to last-minute demand before the consumption tax hike, and sales have been revised upward by 14.3 billion yen from the initial forecast to 663.7 billion yen (up 5.7% from the previous fiscal year).
