By Kosaku Narioka
Takashimaya shares rose sharply Friday morning after the Japanese department-store operator posted a 60% increase in first-quarter net profit on strong sales of luxury brands and other fashion items.
The shares were recently 6.4% higher at 1,989.0 yen after rising as much as 8.1% earlier.
Takashimaya said Thursday after market close that net profit increased to Y8.54 billion ($59.0 million) for the quarter ended May 31 from Y5.345 billion in the year-earlier period.
First-quarter revenue climbed 4.2% to Y105.56 billion thanks to strong sales of luxury brands to international travelers and high-margin fashion items such as clothes and cosmetics to domestic customers, the company said.
Strong businesses in Singapore and Vietnam also helped the company’s earnings, it said.
Takashimaya raised its net profit forecast for the fiscal year ending February 2024 while keeping its annual revenue projection unchanged. It now expects Y24.50 billion in net profit, up from its previous view of Y23.00 billion.
Write to Kosaku Narioka at [email protected]
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