15 April 2024
The Weekly

Major department store chains in Japan rang up net profits topping pre-pandemic levels in the year through February. The strong showing was attributed to spending by larger numbers of overseas tourists, as well as confidence returning to domestic shoppers.

J. Front Retailing (Daimaru and Matsuzakaya Department Stores) posted a group net profit of almost US$194mn. The profit is more than double the previous year in yen terms and exceeded that of 4 years ago before the Covid-19 pandemic. J. Front said it saw brisk sales of big-ticket items to Japanese customers, while tax-free sales to overseas visitors hit a new high.  Takashimaya department store chain also reported a gain in sales to post a record group net profit that's up 13.6% year on year.