This marks the company’s second straight year of losses, following a loss of JPY 11.19 billion (USD 102.4 million) the previous year. Meanwhile, net sales were down 27.1% and operating loss hit JPY 20.98 billion (USD 191.9 million).

The group expects that while net sales will drop a further 45.2% during the current financial year, it will generate a profit of JPY 1 billion (USD 9.1 million).

Sales of value-added, big-ticket items such as luxury brand goods, watches and jewelry have been favourable, particularly at its Isetan Shinjuku and Nihonbashi Mitsukoshi flagship stores in Tokyo. Thanks to both revamped e-commerce site and new shopping app, Isetan Mitsukoshi said it achieved a yearly online sales total of more than JPY 30 billion (USD 275 million).

Isetan Mitsukoshi Holdings’ Annual Loss Totals $382 Million 

Isetan Mitsukoshi Holdings Records FY Net Loss of Over 40 Billion Yen