default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Isetan Mitsukoshi Holdings’ Annual Loss Totals $382 Million

The Ginza Mitsukoshi department store. Shutterstock.

The owner of Japanese department store chains Mitsukoshi and Isetan posted a net loss of 41.8 billion yen (around $382 million) for its fiscal year ending March 31.

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

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

But its problems are far from over. To curb an uptick in Covid-19 infections, Japanese prefectures including Tokyo, Osaka, Hokkaido, and Hiroshima have been placed under a state of emergency that has been extended until May 31. Large retail operations already suffering from the pandemic’s fallout have been asked to close, in order to discourage citizens from leaving their homes and many department stores are only keeping food and cosmetics sections open.

In This Article

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Global Markets
On the ground intelligence and analysis from emerging and frontier markets.



Luxury fashion retailers in the oil-rich African nation keep a low profile to provide a discreet shopping environment for consumers and avoid flaunting the elite nature of their own business.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024