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Takashimaya 8233

髙島屋
Takashimaya Co., Ltd.
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5-1-5 Namba Chuo-kuOsaka, Japan 542-8510
https://www.takashimaya.co.jp/
06-6631-1101
Summary
Centering on the core Department Stores business, Takashimaya aims for sustained business growth, leveraging group synergies between businesses such as Real Estate (commercial facility development), Finance, Contract and Design.
Multiline Retail
Key dates
2012-06-21
Coverage initiation
Full Report
2021-11-15
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Executive summary

Takashimaya is the operator of one of the largest department store chains in Japan. It operates 17 domestic stores, including the Osaka, Nihombashi, Yokohama, Kyoto, and Shinjuku stores. As a well-established department store founded in 1831, Takashimaya has brand strength, attracting mainly affluent customers for many years. The building that houses the Nihombashi store was given the status of a historic building and later designated as one of Japan’s Important Cultural Properties. It is also rolling out its business overseas, with department stores in Singapore (opened in 1993), Shanghai, China (2012), Ho Chi Minh City, Vietnam (2016), and Bangkok, Thailand (2018).

The company breaks down its business into five reporting segments: Department Store, Commercial Property Development, Finance, Contract and Design, and Other. The Commercial Property Development business is involved in the development and operation of shopping centers, and real estate development overseas. The Finance business mainly handles the credit card business, and the Contract and Design business deals with interior decorating for the company properties as well as for hotels and luxury brand boutiques. In FY02/21, it recorded an operating loss of JPY13.5bn (versus operating profit of JPY25.6bn in FY02/20). Breaking this down, Department Store recorded an operating loss of JPY21.3bn (versus operating profit of JPY6.9bn in FY02/20), Commercial Property Development operating profit of JPY5.9bn (-40.9% YoY), Finance operating profit of JPY4.3bn (-12.1% YoY), and Contract and Design an operating loss of JPY980mn (versus operating profit of JPY1.8bn in FY02/20).

In the Department Store business, inbound demand has been the growth driver in recent years. Inbound sales to tourists visiting Japan accounted for just under 20% of sales at its stores in Osaka and Shinjuku, which typically generate large amounts of tax-free sales to foreign tourists. However, the company has lost its growth driver as the COVID-19 pandemic has caused a rapid decline in the number of foreign visitors to Japan. Issues facing the company include declining gross profit margin on product sales and delays to initiatives related to online sales and other new sales methods. Apparel sales, which boast high margins and have become the source of profit at the company’s department stores, have continued to decline, and the profitability of other product categories seems to be falling gradually as well. Takashimaya plans to work on initiatives aimed at cutting costs while enhancing the appeal of its department stores, merchandises, and services. In terms of online sales, the company will need to implement its own unique form of marketing that takes full advantage of its ability to discover products and the strong power of its brands.

The Finance and overseas businesses are gaining attention as the drivers of the medium- and long-term growth. The company has positioned the Finance business as a business highly compatible with the Department Store business, and intends to strengthen its relationships with customers through offering financial products that cater to customers’ important life events. Overseas, the company aims to expand department store sales in China, Vietnam, and Thailand, and targets medium- to long-term growth through real estate development in surrounding regions.

Trends and outlook

For FY02/21, Takashimaya reported full-year consolidated operating revenue of JPY680.9bn (-25.9% YoY), an operating loss of JPY13.5bn (versus profit of JPY25.6bn in FY02/20), and a net loss of JPY34.0bn (versus income of JPY16.0bn in FY02/20). Gross profit came to JPY149.3bn (-30.6% YoY), reflecting a sharp drop in operating revenue at the Department Store and other businesses due to the pandemic, as well as changes in the sales mix. SG&A expenses of JPY222.8bn were down JPY37.4bn (-14.4% YoY), with JPY10.3bn of this coming from pandemic related charge-offs that were booked as extraordinary losses, and JPY10.1bn from the cost savings generated by structural reforms at its domestic department stores.

In October 2021 the company announced revisions to its full-year earnings forecast for FY02/22. The revised forecast calls for operating revenue of JPY764.0bn (+12.2% YoY), operating profit of JPY6.0bn (versus a loss of JPY13.5bn in FY02/21), recurring profit of JPY6.0bn (versus a loss of JPY13.6bn), and net income attributable to owners of the parent of JPY2.3bn (versus a net loss of JPY34.0bn). In comparison with its previous forecast for full-year FY02/22 earnings, the company revised down forecasts by JPY48.0bn for operating revenue, JPY7.0bn for operating profit, JPY6.0bn for recurring profit, and JPY7.0bn for net income attributable to owners of the parent. As reason for the downward revision, Takashimaya cited lower-than-anticipated 1H FY02/22 earnings results due to the impact of two state of emergency declarations.

Three-year business plan: Under the new three-year plan, the company has set FY02/24 targets for operating revenue of JPY850bn and operating profit of JPY30bn. These targets assume the recovery in tourism to Japan will be slow, and the company’s own sales to foreign tourists in FY02/24 will still be 70% below the pre-pandemic level recorded in FY02/20 and operating revenue will be well short of the JPY919.1bn figure booked in FY02/20. Notwithstanding, the company’s target of JPY30bn for operating profit in FY02/24 exceeds the JPY25.6bn operating profit figure it reported for FY02/20, the bullish outlook here being based primarily on the cost savings expected from its structural reform efforts. At its domestic Department Store business, the company is targeting an operating profit of JPY9.0bn in FY02/24 (versus JPY4.0bn in FY02/20) and at its overseas Department Store business is targeting an operating profit of JPY4.7bn in FY02/24 (versus JPY4.0bn in FY02/20). At its Commercial Property Development business, the company is targeting an operating profit of JPY10.0bn in FY02/24 (versus JPY10.3bn in FY02/20) and at its Finance business is targeting an operating profit of JPY5.5bn in FY02/24 (versus JPY4.9bn in FY02/20). The company is looking to boost annual online sales from JPY18.6bn in FY02/20 to JPY34.5bn in FY02/22 and from there to JPY50.0bn by FY02/24. With respect to cash flow, during the three-year period plans call for new investments totaling some JPY130bn (including JPY90bn at its Commercial Property Development business) and returns to shareholders totaling some JPY40bn; to fund this the company says it will be looking to cash flow from operations for about JPY110bn and also plans to draw down cash reserves by JPY30bn and increase interest-bearing debt by another JPY30bn.

Strengths and weaknesses

Shared Research believes the company’s strengths are 1) strong support from core senior affluent customers, 2) strength of the store network and group’s development capability, and 3) strong presence in Asia. Weaknesses include its 1) falling customer count caused by demographic change, 2) business model with continual capex requirement, and 3) characteristic business practices including itaku hanbai (consignment sales) (see Strengths and weaknesses section for details).

Key financial data

Income statementFY02/13FY02/14FY02/15FY02/16FY02/17FY02/18FY02/19FY02/20FY02/21FY02/22
(JPYmn)Act.Act.Act.Act.Act.Act.Act.Act.Act.Est.
Operating revenue870,333904,180912,523929,588923,601949,572912,848919,094680,899764,000
YoY1.4%3.9%0.9%1.9%-0.6%2.8%-3.9%0.7%-25.9%12.2%
Sales815,387845,785851,374865,889860,761886,700846,894848,494620,885-
YoY1.2%3.7%0.7%1.7%-0.6%3.0%-4.5%0.2%-26.8%-
Gross profit209,700214,673214,492214,878211,996218,405217,403215,125149,265-
YoY0.7%2.4%-0.1%0.2%-1.3%3.0%-0.5%-1.0%-30.6%-
Gross profit margin25.7%25.4%25.2%24.8%24.6%24.6%25.7%25.4%24.0%-
Operating profit25,47629,09932,02232,97234,00035,31826,66125,582-13,4966,000
YoY20.7%14.2%10.0%3.0%3.1%3.9%-24.5%-4.0%--
Operating profit margin3.1%3.4%3.8%3.8%3.9%4.0%3.1%3.0%--
Recurring profit29,86633,35035,90437,78537,21538,60631,23423,200-13,6376,000
YoY22.6%11.7%7.7%5.2%-1.5%3.7%-19.1%-25.7%--
Recurring profit margin3.7%3.9%4.2%4.4%4.3%4.4%3.7%2.7%--
Net income16,54018,71622,58123,82920,87023,65816,44316,028-33,9702,300
YoY51.8%13.2%20.7%5.5%-12.4%13.4%-30.5%-2.5%--
Net margin2.0%2.2%2.7%2.8%2.4%2.7%1.9%1.9%--
Per-share data (JPY)
Shares issued (year-end; '000)330,827330,827355,519355,519355,519355,519177,759177,759177,759-
Shares issued (adjusted, year-end; '000)165,414165,414177,759177,759177,759177,759177,759177,759177,759-
EPS100.3113.5132.6135.8119.4135.494.193.3-203.713.8
EPS (fully diluted)93.3102.4112.1119.6105.1119.281.476.6--
Dividend per share20.020.020.024.024.024.024.024.024.024.0
Book value per share1,9972,1722,2632,2832,3592,3592,5412,6072,365-
Balance sheet (JPYmn)
Cash and cash equivalents69,495106,45187,88775,487107,15999,54197,09089,820106,675
Total current assets236,263332,121288,147290,625325,500327,501307,568287,764283,607
Tangible fixed assets378,755394,436412,474417,307413,703550,757621,228715,804706,535
Intangible assets28,97928,716109,505108,327107,17218,03528,95137,93936,439
Investments and other assets146,688146,864169,483158,161140,087139,511120,382126,995123,923
Total assets790,687902,139979,611974,421986,4641,035,8071,078,1301,168,5031,150,506
Accounts payable87,88395,901101,558103,363101,320102,428108,560102,62686,965
Short-term debt19,17247,30137,29217,1879,00750,38213,41867,30338,310
Total current liabilities294,645335,599336,703325,082319,793370,888349,216397,915402,625
Long-term debt79,674120,227126,225137,412146,255123,878181,363125,738158,842
Total fixed liabilities160,597201,627234,430241,951244,780215,392267,328314,717332,769
Total liabilities455,243537,227571,133567,034564,574586,281616,545712,632735,395
Total net assets335,443364,912408,477407,386421,890449,526461,585455,871415,111
Cash flow statement (JPYmn)
Cash flows from operating activities44,14140,58241,01825,63842,26636,87067,91340,60843,7206,000
Cash flows from investing activities-28,470-30,389-116,049-16,081-9,124-62,286-85,815-23,434-27,034-33,000
Cash flows from financing activities-32,93164,39111,619-19,239-4,22814,18517,226-23,4832,303-3,000
Financial ratios
Total interest-bearing debt98,846167,528163,517154,599155,262174,262194,783193,043207,154
ROA (RP-based)3.7%3.9%3.8%3.9%3.8%3.8%3.0%2.1%-1.2%
ROE5.2%5.4%5.9%6.0%5.1%5.6%3.7%3.6%-8.2%
Equity ratio41.7%39.7%40.9%40.9%41.8%42.2%41.2%37.2%34.3%
Source: Shared Research based on company data
Note: Figures may differ from company materials due to differences in rounding methods; ROA is based on recurring profit.
Note: From FY02/19, sales from consignment transaction by overseas subsidiaries are reported on a net basis, the portion that represents income to the company.
Note: From FY02/20, IFRS 16 “Leases” is adopted for overseas subsidiaries.
Note: The company conducted a one-for-two reverse stock split of common shares effective September 1, 2018. Per-share indicators are retroactively adjusted to reflect this. 

Recent updates

Monthly sales report for October 2021

2021-11-15

Takashimaya Co., Ltd. released monthly sales report for October 2021.

All-store salesMarAprMayJunJulAugSepOctNovDecJanFeb
FY02/19
TotalTakashimaya (parent)2.6%2.5%-0.4%3.9%-3.5%2.3%-2.8%3.7%-2.0%1.0%-1.6%2.1%
Takashimaya and regional stores2.5%2.3%-0.5%4.0%-3.7%1.6%-2.6%3.3%-2.0%1.0%-1.6%1.9%
Department StoreTakashimaya (parent)3.0%3.0%-0.4%4.6%-3.5%1.5%-3.4%3.9%-0.5%0.5%-2.7%1.8%
Takashimaya and regional stores2.8%2.7%-0.5%4.6%-3.7%0.9%-3.1%3.5%-0.6%0.5%-2.5%1.6%
Corporate-4.6%-9.8%-3.8%-10.0%-14.4%8.5%7.0%-4.2%-27.9%-0.2%18.6%5.3%
Cross-media13.6%16.1%9.0%8.9%16.5%22.8%1.0%11.7%8.2%13.4%6.6%5.6%
Tax-free sales22.0%23.7%18.2%48.3%19.5%24.2%-2.7%3.0%8.5%6.5%-15.1%8.6%
Store sales (following month; up to mid-month release)0.4%-0.7%-0.3%-0.2%1.5%-10.9%-1.6%-2.2%-1.9%-2.3%0.8%-2.2%
Tax-free sales20.2%28.5%54.4%20.3%28.2%-6.2%-5.7%10.7%11.1%-15.0%27.7%5.9%
FY02/20
TotalTakashimaya (parent)-0.1%0.5%0.3%1.5%0.0%4.8%32.1%-18.8%-5.0%-5.2%-3.7%-12.9%
Takashimaya and regional stores0.0%0.5%0.2%1.4%0.0%4.7%31.6%-18.9%-4.8%-5.2%-3.6%-12.3%
Department StoreTakashimaya (parent)1.3%-1.1%-0.1%0.7%-1.4%3.8%33.4%-19.7%-4.3%-4.9%-2.8%-12.8%
Takashimaya and regional stores1.2%-1.1%-0.1%0.7%-1.3%3.8%32.8%-19.7%-4.2%-4.9%-2.7%-12.2%
Corporate-18.2%28.7%5.7%17.9%31.2%26.9%4.4%-14.6%-18.5%-19.9%-25.4%-17.4%
Cross-media-0.5%12.9%4.0%0.8%8.1%6.2%41.2%3.2%-3.9%1.5%4.2%-2.9%
Tax-free sales7.3%2.7%0.4%-8.2%-0.4%-9.2%-1.1%-16.9%-13.0%-13.8%11.1%-69.9%
Store sales (following month; up to mid-month release)-1.9%-0.9%-1.6%1.6%3.3%13.9%-30.3%-9.1%-5.4%-3.5%-9.9%-32.9%
Tax-free sales13.8%-1.7%-4.8%-4.2%-5.2%-1.8%-12.0%-18.1%-23.1%9.0%-60.4%-91.2%
FY02/21
TotalTakashimaya (parent)-34.6%-69.8%-58.7%-16.3%-18.9%-20.2%-34.5%2.4%-11.6%-10.7%-27.1%-4.1%
Comparable stores-33.9%3.6%-10.6%-9.7%-26.3%-2.8%
Takashimaya and regional stores-34.0%-69.2%-58.1%-16.0%-18.6%-19.8%-34.4%2.6%-11.6%-10.6%-26.7%-4.7%
Comparable stores-33.7%-69.1%-57.8%-15.5%-18.2%-19.2%-33.5%4.2%-10.1%-9.1%-25.6%-3.0%
Department StoreTakashimaya (parent)-36.1%-75.7%-64.1%-17.2%-20.4%-19.6%-36.0%0.7%-12.9%-13.2%-30.2%-7.8%
Comparable stores-35.4%1.9%-11.9%-12.1%-29.4%-6.5%
Takashimaya and regional stores-35.5%-74.7%-63.0%-16.8%-20.0%-19.2%-35.9%1.0%-12.8%-12.9%-29.6%-8.2%
Comparable stores-35.0%-74.6%-62.8%-16.3%-19.5%-18.6%-34.9%2.7%-11.3%-11.3%-28.4%-6.4%
Corporate-28.2%-3.4%-12.7%-22.2%-13.5%-40.8%-20.1%25.5%1.3%9.3%21.5%39.3%
Cross-media19.6%4.8%44.6%37.5%21.6%19.1%3.8%23.8%16.8%22.5%24.2%32.5%
Tax-free sales-92.5%-99.1%-98.7%-94.2%-92.2%-88.4%-92.8%-92.7%-90.4%-87.6%-86.7%-46.9%
Store sales (following month; up to mid-month release)-62.8%-81.7%-21.4%-18.5%-18.7%-26.3%8.0%-11.9%-13.8%-37.6%-31.5%19.3%
Tax-free sales-98.4%-99.9%-93.5%-93.2%-90.4%-90.5%-94.1%-90.0%-87.6%-34.1%-27.6%106.4%
FY02/22
TotalTakashimaya (parent)27.9%143.2%46.5%1.4%3.8%-9.1%-0.5%5.1%
Comparable stores29.5%147.5%48.6%2.6%5.6%-7.7%--
Takashimaya and regional stores26.6%140.3%45.6%1.7%3.8%-10.0%-0.8%4.9%
Comparable stores28.0%144.1%47.5%2.9%5.4%-8.7%--
Department StoreTakashimaya (parent)27.8%197.6%57.0%1.0%5.7%-9.7%-2.5%5.8%
Comparable stores29.5%204.7%59.8%2.3%7.7%-8.1%--
Takashimaya and regional stores26.4%187.8%54.8%1.4%5.5%-10.5%-2.7%5.6%
Comparable stores28.0%193.9%57.3%2.7%7.4%-9.2%--
Corporate35.5%-18.7%3.1%10.5%-15.8%2.3%33.7%-3.4%
Cross-media16.9%12.0%4.7%-1.6%-13.2%-10.4%1.4%-1.3%
Tax-free sales131.8%1,464.2%755.2%179.2%116.4%67.4%151.3%149.5%
Store sales (following month; up to mid-month release)118.4%161.4%3.1%4.2%-10.7%-8.1%2.9%5.9%
Tax-free sales784.4%30,438.8%189.5%172.8%111.2%77.5%179.5%91.6%
Monthly store sales YoY2021FY02/21 (JPYmn)
NovDecJanFebMarAprMayJunAugSepOctAct.% of total
Total (Takashimaya)-11.6%-10.7%-27.1%-4.1%27.9%143.2%46.5%1.4%3.8%-0.5%5.1%527,57992.8%
Comparable stores-9.7%-26.3%-2.8%29.5%147.5%48.6%2.6%5.6%--
Takashimaya and domestic dept. store subsidiaries-11.6%-10.6%-26.7%-4.7%26.6%140.3%45.6%1.7%3.8%-0.8%4.9%568,756100.0%
Comparable stores-10.1%-9.1%-25.6%-3.0%28.0%144.1%47.5%2.9%5.4%-
Monthly sales by store
Osaka-18.4%-21.3%-35.5%-4.3%36.1%273.6%-22.0%2.3%10.6%-7.5%0.9%96,95517.0%
Sakai-1.2%-8.5%-21.2%-10.0%6.7%85.1%-9.7%-1.2%-2.7%-6.2%-1.3%9,8161.7%
Kyoto, Rakusai-14.8%-13.5%-28.9%-4.7%33.3%112.3%49.2%2.0%7.5%-4.6%0.9%65,78711.6%
Senboku-0.7%-6.3%-14.0%-4.3%9.4%82.1%-18.0%-5.6%-2.5%-5.5%-3.0%14,4492.5%
Nihombashi-7.4%-5.2%-25.3%-11.6%20.0%140.3%60.2%0.8%6.5%-0.9%14.2%112,79419.8%
Yokohama, Foodmaison-10.8%-10.8%-30.4%-5.0%38.7%358.0%177.1%5.5%8.0%-0.8%9.0%96,52217.0%
Shinjuku-20.0%-17.2%-33.8%-9.2%32.6%274.0%76.8%9.5%23.8%3.5%12.1%47,2038.3%
Tamagawa1.2%-1.0%-23.0%-2.1%28.0%251.3%49.4%1.0%2.6%3.9%6.3%35,5256.2%
Tachikawa0.4%-0.3%-18.3%-5.2%16.2%169.8%21.2%-6.1%-3.7%0.7%2.5%7,7331.4%
Omiya-8.9%-9.6%-31.5%-21.8%6.1%107.4%61.2%-8.1%-0.8%-11.6%-6.5%7,0921.2%
Kashiwa, Foodmaison Otakanomori-9.1%-11.0%-28.1%-8.2%19.2%174.2%80.1%-2.6%-1.7%-4.8%0.3%30,4845.4%
Corporate1.3%9.3%21.5%39.3%35.5%-18.7%3.1%10.5%-15.8%33.7%-3.4%31,7065.6%
Cross-media16.8%22.5%24.2%32.5%16.9%12.0%4.7%-1.6%-13.2%1.4%-1.3%22,5724.0%
Customer count by store
Osaka-34.1%-40.3%-49.8%-34.3%12.8%181.5%-12.1%-23.9%-10.3%-28.3%-14.5%
Sakai-7.1%-8.9%-14.6%-9.9%7.9%68.2%17.3%5.7%0.0%-6.3%-0.3%
Kyoto, Rakusai-22.2%-25.3%-37.4%-21.2%5.7%69.2%15.7%-6.7%0.5%-16.1%-5.3%
Senboku-6.7%-8.8%-12.0%-9.1%2.1%86.0%-15.0%-12.2%-2.5%-8.3%-2.2%
Nihombashi-25.6%-27.2%-42.7%-24.5%6.7%128.9%23.1%-0.8%4.8%-12.2%2.3%
Yokohama, Foodmaison-29.7%-25.4%-43.5%-23.3%33.3%274.1%143.6%8.0%16.6%-1.6%10.3%
Shinjuku-33.7%-37.9%-49.5%-33.4%-2.9%291.7%55.6%-2.7%17.1%-11.4%-4.4%
Tamagawa-6.2%-6.8%-24.0%-9.2%12.4%199.2%34.7%-0.4%5.7%-12.1%-9.0%
Tachikawa-2.0%-6.6%-21.6%-9.6%10.0%166.5%31.0%-4.9%4.5%-3.1%-2.5%
Omiya-17.9%-21.3%-33.2%-21.0%-4.5%133.0%70.6%-6.6%5.1%-10.3%3.2%
Kashiwa, Foodmaison Otakanomori-12.7%-14.1%-26.2%-12.6%11.4%186.8%62.2%-0.1%4.1%-7.4%-4.8%
By product (Takashimaya, domestic dept. store subsidiaries)
Apparel-21.1%-19.0%-38.7%-6.9%33.0%271.2%66.4%-3.5%0.2%-4.0%4.3%140,16824.6%
Menswear and goods-26.4%-23.9%-45.5%-21.6%16.3%213.7%43.7%-7.6%-2.2%-8.4%0.0%25,8944.6%
Womenswear and goods-20.8%-19.0%-37.3%-2.5%43.8%426.5%90.6%1.2%1.6%-2.5%8.7%91,06816.0%
Children's wear and goods-25.1%-20.2%-42.1%-5.8%6.8%93.6%5.2%-18.2%-6.7%-11.2%-9.3%12,1592.1%
Other apparel-2.1%-1.2%-25.6%-11.4%32.0%82.6%48.0%-17.3%1.4%-1.0%-7.1%11,0461.9%
Personal items-7.1%-9.9%-30.6%-1.0%55.9%392.5%107.1%12.8%13.7%-0.4%13.1%86,38215.2%
Household goods-11.0%4.8%-2.1%13.0%27.1%32.6%19.1%-3.6%-9.7%-14.1%-2.3%40,3957.1%
Furniture2.6%-2.6%-17.2%-8.4%15.2%-1.6%44.3%0.2%4.2%0.1%6.0%8,5861.5%
Home appliances-35.4%199.5%184.8%24.3%57.6%15.2%3.8%-9.2%-21.5%-51.9%-34.3%4,9500.9%
Other household goods-11.3%-4.1%-10.7%18.3%27.3%53.9%17.0%-3.8%-12.3%-10.1%1.4%26,8584.7%
Food-5.9%-5.7%-13.5%-8.2%12.3%48.3%12.2%2.3%2.8%10.8%2.9%191,45233.7%
Fresh produce-4.4%-7.0%-12.8%-7.4%-2.3%9.9%-5.4%-2.6%-1.4%1.2%-6.9%36,0296.3%
Confectionery-7.5%-10.6%-9.3%-11.6%19.7%91.7%31.2%6.7%6.8%18.5%9.7%51,1879.0%
Deli foods-3.1%-0.4%-19.3%-4.6%20.1%50.1%18.6%7.0%7.0%17.4%7.2%52,8779.3%
Other foods-8.1%-5.9%-13.3%-6.1%5.5%50.1%6.5%-1.5%-1.7%2.7%-0.6%51,3589.0%
Restaurants and cafes-26.8%-33.9%-50.2%-25.7%30.0%654.1%177.7%-4.8%4.3%-23.4%0.0%6,4811.1%
Accessories-12.7%-15.8%-26.9%-8.4%17.4%218.0%84.6%-0.4%6.5%-5.9%4.2%87,09315.3%
Cosmetics-31.1%-30.5%-39.0%-22.8%5.5%188.6%72.9%-11.5%-0.9%-3.8%5.4%40,7487.2%
Art work and jewelry12.9%0.6%-16.6%3.7%25.8%337.2%175.4%18.1%17.0%-6.9%12.0%34,1176.0%
Other accessories12.6%1.0%1.0%24.3%39.7%119.6%-9.1%-11.9%-4.2%-10.2%-24.0%12,2272.1%
Services4.2%-9.4%-17.3%-12.6%21.8%177.2%73.0%8.1%11.1%-5.5%12.2%16,7823.0%
Other0.9%-1.9%5.4%37.1%16.8%93.8%45.2%8.0%8.5%-2.1%6.7%
Total-11.6%-10.6%-26.7%-4.7%26.6%140.3%45.6%1.7%3.8%-0.8%4.9%568,756100.0%

Revisions to full-year forecast

2021-10-14

Takashimaya Co., Ltd. announced earnings results for 1H FY02/22; see the results section for details.

Takashimaya Co., Ltd. released revised forecast for full-year FY02/22.

Revised forecast for full-year FY02/22 results 
  • Operating revenue: JPY764.0bn (versus previous forecast of JPY812.0bn)
  • Operating profit: JPY6.0bn (versus profit of JPY13.0bn)
  • Recurring profit: JPY6.0bn (versus profit of JPY12.0bn)
  • Net income: JPY2.3bn (versus previous forecast of JPY10.0bn) 
  • EPS: JPY13.8 (versus previous forecast of JPY60.0)
Reasons for forecast revision

Takashimaya revised down its full-year FY02/22 forecast as operating profit, recurring profit, and net income attributable to owners of the parent are expected to be at least 30% lower than its previously announced figures.

Earnings results fell short of plan in 1H FY02/22, as effects from the COVID-19 pandemic dragged on longer than anticipated. This included unexpectedly long store closures due to the issuance of two state of emergency declarations. Recently, the state of emergency was lifted and restrictions on movement have eased, resulting in a milder impost on operations. However, with no visibility on when the pandemic will be contained, the company determined that as of October 2021 it could not expect any substantial increase in operating revenue during FY02/22. 

Revision to 1H FY02/22 estimates

2021-10-12

On October 12, 2021, the company released revised estimates for 1H FY02/22.

Revised forecast for consolidated results for 1H FY02/22
  • Operating revenue: JPY347.2bn (versus previous estimate of JPY378.5bn)
  • Operating loss: JPY2.0bn (versus profit of JPY2.0bn)
  • Recurring loss: JPY600mn (versus profit of JPY2.0bn)
  • Net loss attributable to owners of the parent: JPY4.4bn (versus net income of JPY3.5bn)
Explaination of forecast revision

Given the issuance of two emergency declarations due to the COVID-19 pandemic, and growing tendency to refrain from going out due to the increase in the number of newly infected people since July 2021, the company was placed in a difficult operating environment as it was asked to close its group commercial facilities. Takashimaya revised down its 1H forecast as it sees operating profit, recurring profit, and net income attributable to owners of the parent are expected to be at least 30% lower than its previously announced figures which exceeded the disclosure standards. 

Trends and outlook

Quarterly trends and results

CumulativeFY02/20FY02/21FY02/22FY02/22
(JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4% of Est.FY Est.
Operating revenue223,682453,144676,639919,094116,204297,352479,880680,899164,959347,18945.4%764,000
YoY1.8%2.6%2.6%0.7%-48.0%-34.4%-29.1%-25.9%42.0%16.8%12.2%
Sales205,744417,630623,531848,494102,159268,559434,631620,885148,945315,080--
YoY1.0%2.0%2.0%0.2%-50.3%-35.7%-30.3%-26.8%---
Gross profit52,963106,453159,332215,12524,22164,207104,711149,26536,007238,861--
YoY-0.5%0.6%0.7%-1.0%-54.3%-39.7%-34.3%-30.6%48.7%272.0%-
Gross profit margin25.7%25.5%25.6%25.4%23.7%23.9%24.1%24.0%24.2%75.8%-
SG&A expenses63,154128,543192,178260,14245,635103,219160,473222,77552,738110,34147.8%230,700
YoY3.9%3.2%2.8%1.3%-27.7%-19.7%-16.5%-14.4%15.6%6.9%3.6%
SG&A ratio30.7%30.8%30.8%30.7%44.7%38.4%36.9%35.9%35.4%35.0%-
Operating profit7,74613,42420,26125,582-7,368-10,217-10,513-13,496-717-2,014-6,000
YoY-9.4%0.0%4.5%-4.0%-------
Operating profit margin3.8%3.2%3.2%3.0%-7.2%-3.8%-2.4%-2.2%-0.5%-0.6%-
Recurring profit7,11712,65919,40323,200-8,684-10,914-10,934-13,637148-559-6,000
YoY-28.6%-21.5%-15.2%-25.7%-------
Recurring profit margin3.5%3.0%3.1%2.7%-8.5%-4.1%-2.5%-2.2%0.1%-0.2%-
Net income10,59712,40416,44716,028-20,530-23,284-24,377-33,970-1,305-4,375-2,300
YoY81.3%41.2%43.8%-2.5%-------
Net margin5.2%3.0%2.6%1.9%-20.1%-8.7%-5.6%-5.5%-0.9%-1.4%-
QuarterlyFY02/20FY02/21FY02/22
(JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Operating revenue223,682229,462223,495242,455116,204181,148182,528201,019164,959182,230
YoY1.8%3.5%2.5%-4.3%-48.0%-21.1%-18.3%-17.1%42.0%0.6%
Sales205,744211,886205,901224,963102,159166,400166,072186,254148,945166,135
YoY1.0%3.1%1.9%-4.5%-50.3%-21.5%-19.3%-17.2%45.8%-0.2%
Gross profit52,96353,49052,87955,79324,22139,98640,50444,55436,007202,854
YoY-0.5%1.8%0.9%-5.8%-54.3%-25.2%-23.4%-20.1%48.7%407.3%
Gross profit margin25.7%25.2%25.7%24.8%23.7%24.0%24.4%23.9%24.2%-
SG&A expenses63,15465,38963,63567,96445,63557,58457,25462,30252,73857,603
YoY3.9%2.5%1.9%-2.5%-27.7%-11.9%-10.0%-8.3%15.6%0.0%
SG&A ratio30.7%30.9%30.9%30.2%44.7%34.6%34.5%33.5%35.4%34.7%
Operating profit7,7465,6786,8375,321-7,368-2,849-296-2,983-717-1,297
YoY-9.4%16.6%14.7%-26.9%------
Operating profit margin3.8%2.7%3.3%2.4%-7.2%-1.7%-0.2%-1.6%-0.5%-0.8%
Recurring profit7,1175,5426,7443,797-8,684-2,230-20-2,703148-707
YoY-28.6%-10.0%-0.1%-54.6%------
Recurring profit margin3.5%2.6%3.3%1.7%-8.5%-1.3%0.0%-1.5%0.1%-0.4%
Net income10,5971,8074,043-419-20,530-2,754-1,093-9,593-1,305-3,070
YoY81.3%-38.5%52.2%-------
Net margin5.2%0.9%2.0%-0.2%-20.1%-1.7%-0.7%-5.2%-0.9%-1.8%
Source: Shared Research based on company data
Note: From FY02/19, sales from consignment transaction by overseas subsidiaries are reported on a net basis, the portion that represents income to the company; includes some figures based on Shared Research estimates.
Note: From FY02/20, IFRS 16 “Leases” is adopted for overseas subsidiaries.

Impact of the adoption of IFRS 16 for lease accounting: The group’s overseas subsidiaries adopted IFRS 16 for lease accounting starting FY02/20. The impact of this switch added a total of JPY2.7bn to operating profit during FY02/20 while reducing both recurring profit and pre-tax profit by JPY2.0bn versus FY02/19. At the individual segment level, the adoption of IFRS 16 added JPY2.4bn to operating profit at the Department Store segment and JPY882mn to operating profit at the Commercial Property Development segment, with this reduced in part by a JPY632mn adjustment charge at the consolidated level.

By segmentFY02/20FY02/21FY02/22FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4% of Est.FY Est.
Operating revenue223,682229,462223,495242,455116,204181,148182,528201,019164,959182,23023.9%764,000
YoY1.8%3.5%2.5%-4.3%-48.0%-21.1%-18.3%-17.1%42.0%0.6%12.2%
Department Stores193,316195,134191,949204,37688,616153,347156,375172,140138,206154,84923.8%650,952
YoY0.6%1.8%1.1%-6.5%-54.2%-21.4%-18.5%-15.8%56.0%1.0%14.1%
Commercial Property Development11,36511,16211,26111,7438,3979,09210,4099,0839,89910,40125.5%40,800
YoY8.2%6.6%6.5%-3.2%-26.1%-18.5%-7.6%-22.7%17.9%14.4%10.3%
Finance4,3634,2564,3834,4554,0354,0684,1224,0254,2443,93323.1%17,061
YoY6.1%9.6%13.3%10.5%-7.5%-4.4%-6.0%-9.7%5.2%-3.3%5.0%
Contract and Design6,6289,7416,35710,4647,2585,3182,8283,6753,9604,29822.5%19,064
YoY23.8%42.4%17.6%45.5%9.5%-45.4%-55.5%-64.9%-45.4%-19.2%-0.1%
Other8,0089,1689,54411,4187,8969,3248,79312,0958,6488,748--
YoY3.4%3.3%4.0%7.4%-1.4%1.7%-7.9%5.9%9.5%-6.2%-
Operating profit7,7465,6786,8375,321-7,368-2,849-296-2,983-717-1,297-21.6%6,000
YoY-9.4%16.6%14.7%-26.9%-------
Operating profit margin3.5%2.5%3.1%2.2%-6.3%-1.6%-0.2%-1.5%-0.4%-0.7%0.8%
Department Stores2,8491,4252,289375-8,608-5,280-2,975-4,460-3,160-3,802102.5%-3,710
YoY-28.1%207.1%28.7%-84.9%-------
Operating profit margin1.5%0.7%1.2%0.2%-9.7%-3.4%-1.9%-2.6%-2.3%-2.5%-0.6%
Commercial Property Development2,9142,1082,5052,3952,1121,1262,2413882,0871,43321.6%6,647
YoY10.5%0.7%11.0%-1.1%-27.5%-46.6%-10.5%-83.8%-1.2%27.3%13.3%
Operating profit margin25.6%18.9%22.2%20.4%25.2%12.4%21.5%4.3%21.1%13.8%16.3%
Finance1,4011,2051,2711,0011,0581,0481,0691,1131,27489521.1%4,243
YoY3.1%-11.3%-9.1%-24.8%-24.5%-13.0%-15.9%11.2%20.4%-14.6%-1.0%
Operating profit margin32.1%28.3%29.0%22.5%26.2%25.8%25.9%27.7%30.0%22.8%24.9%
Contract and Design175583528493115-236-409-450-319187-0
YoY-21.5%363.2%186.6%-34.3%------
Operating profit margin2.6%6.0%8.3%4.7%1.6%-4.4%-14.5%-12.2%-8.1%4.4%0.0%
Other34762968490220356250832-11442--
YoY32.4%4.7%12.9%0.0%-94.2%-43.4%-63.5%-7.8%-24.2%-
Operating profit margin4.3%6.9%7.2%7.9%0.3%3.8%2.8%6.9%-5.1%-
Adjustments59-274-438154-2,067138-472-406-589-452--
Source: Shared Research based on company data
Note: From FY02/20, Takashimaya Insurance was transferred from the Other segment to the Finance segment (data in table retroactively adjusted).
Note: Effective Q3 FY02/20, the name of the Real Estate segment was changed to the Commercial Property Development segment.

Segment name change: Effective Q3 FY02/20, the company has changed the name of its Real Estate segment to the Commercial Property Development segment. The name change was made to better reflect the nature of the company’s businesses in this area, which under its Machi-Zukuri (urban development) strategy will involve not only property and facilities management but also expanded efforts to develop commercial properties that will work to the benefit of its department store business.

Department Store segment: quarterly performance
Department StoresFY02/20FY02/21FY02/22FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4% of Est.FY Est.
Operating revenue193,316195,134191,949204,37688,616153,347156,375172,140138,206154,84945.0%650,952
YoY0.6%1.8%1.1%-6.5%-54.2%-21.4%-18.5%-15.8%56.0%1.0%14.1%
Parent176,677179,838176,473189,24883,593147,056146,910163,230129,970146,12044.8%616,077
YoY0.5%1.9%1.1%-6.5%-52.7%-18.2%-16.8%-13.7%55.5%-0.6%13.9%
Takashimaya Singapore4,0854,1123,7924,9963,1777942,5753,7312,9772,89444.5%13,197
YoY-4.2%-5.5%-8.0%-7.7%-22.2%-80.7%-32.1%-25.3%-6.3%264.5%28.4%
Shanghai Takashimaya84979195654450960062366776775348.6%3,127
YoY-0.6%-0.1%27.6%-31.2%-40.0%-24.1%-34.8%22.6%50.7%25.5%30.3%
Takashimaya Vietnam46946347259438231943559951030648.7%1,676
YoY19.9%10.5%7.3%12.5%-18.6%-31.1%-7.8%0.8%33.5%-4.1%-3.4%
Other, adjustments11,2369,93010,2568,9949554,5785,8323,9133,9824,77651.9%16,875
Operating profit2,8491,4252,289375-8,608-5,280-2,975-4,460-3,160-3,802187.7%-3,710
YoY-28.1%207.1%28.7%-84.9%-------
Operating profit margin1.5%0.7%1.2%0.2%-9.7%-3.4%-1.9%-2.6%-2.3%-2.5%-0.6%
Parent1,9389451,543-498-7,986-4,566-2,907-4,759-3,444-3,389145.6%-4,694
YoY-46.7%16.5%-7.5%--------
Operating profit margin1.1%0.5%0.9%-0.3%-9.6%-3.1%-2.0%-2.9%-2.6%-2.3%-0.8%
Takashimaya Singapore1,1791,0631,0381,490562181427623316723.0%1,731
YoY47.0%67.1%62.2%26.1%-52.3%-98.3%-86.3%-48.9%-41.1%272.2%16.6%
Operating profit margin28.9%25.9%27.4%29.8%17.7%2.3%5.5%20.4%11.1%2,533.2%13.1%
Shanghai Takashimaya2828111-93-87-71198819646.9%377
YoY-----------
Operating profit margin3.3%3.5%11.6%-17.1%-17.1%-11.8%0.2%14.7%15.9%31.4%12.1%
Takashimaya Vietnam3573347522447096-19100.0%77
YoY-----85.7%214.3%33.3%48.9%---45.4%
Operating profit margin7.5%1.5%7.0%7.9%1.3%6.9%10.1%11.7%18.8%-4.6%
Other, adjustments-331-618-436-571-1,102-683-255-631-224-557--1,201
Source: Shared Research based on company data
Note: From FY02/19, sales from consignment transaction by overseas subsidiaries are reported on a net basis, the portion that represents income to the company.
Department Store segment: sales by major merchandise categories (YoY)
Source: Shared Research based on company data
Department Store segment: quarterly performance (parent company)
ParentFY02/20FY02/21FY02/22FY02/22
Cumulative (JPYmn)Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4Q1Q1–Q2Q1–Q3Q1–Q4% of Est.FY Est.
Operating revenue176,677356,515532,988722,23683,593230,649377,559540,789129,970276,09044.8%616,077
YoY0.5%1.2%1.2%-1.0%-52.7%-35.3%-29.2%-25.1%55.5%19.7%13.9%
Sales173,097349,272522,150707,61880,330223,971367,482527,579126,633269,31744.7%602,332
YoY0.3%1.1%1.1%-1.1%-53.6%-35.9%-29.6%-25.4%57.6%20.2%14.2%
Gross profit41,22983,207124,637167,72617,27950,86384,006119,63228,17660,39744.1%137,015
YoY-0.9%-0.7%-0.4%-2.4%-58.1%-38.9%-32.6%-28.7%63.1%18.7%14.5%
Gross profit margin23.8%23.8%23.9%23.7%21.5%22.7%22.9%22.7%22.3%22.4%22.7%
SG&A expenses42,87187,566131,051178,41528,52870,094109,550153,06134,95774,00447.6%155,454
YoY3.9%1.8%1.4%0.7%-33.5%-20.0%-16.4%-14.2%22.5%5.6%1.6%
SG&A ratio24.8%25.1%25.1%25.2%35.5%31.3%29.8%29.0%27.6%27.5%25.8%
Operating profit1,9382,8834,4263,928-7,986-12,552-15,459-20,218-3,444-6,833--4,694
YoY-46.7%-35.2%-27.7%-54.0%-------
Operating profit margin1.1%0.8%0.8%0.6%-9.9%-5.6%-4.2%-3.8%-2.7%-2.5%-0.8%
ParentFY02/20FY02/21FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Operating revenue176,677179,838176,473189,24883,593147,056146,910163,230129,970146,120
YoY0.5%1.9%1.1%-6.5%-52.7%-18.2%-16.8%-13.7%55.5%-0.6%
Sales173,097176,175172,878185,46880,330143,641143,511160,097126,633142,684
YoY0.3%1.8%1.1%-6.7%-53.6%-18.5%-17.0%-13.7%57.6%-0.7%
Gross profit41,22941,97841,43043,08917,27933,58433,14335,62628,17632,221
YoY-0.9%-0.5%0.2%-7.8%-58.1%-20.0%-20.0%-17.3%63.1%-4.1%
Gross profit margin23.8%23.8%24.0%23.2%21.5%23.4%23.1%22.3%22.3%22.6%
SG&A expenses42,87144,69543,48547,36428,52841,56639,45643,51134,95739,047
YoY3.9%-0.1%0.6%-1.3%-33.5%-7.0%-9.3%-8.1%22.5%-6.1%
SG&A ratio24.8%25.4%25.2%25.5%35.5%28.9%27.5%27.2%27.6%27.4%
Operating profit1,9389451,543-498-7,986-4,566-2,907-4,759-3,444-3,389
YoY-46.7%16.5%-7.5%-------
Operating profit margin1.1%0.5%0.9%-0.3%-9.9%-3.2%-2.0%-3.0%-2.7%-2.4%
ource: Shared Research based on company data
Commercial Property Development segment: quarterly performance
Commercial Property DevelopmentFY02/20FY02/21FY02/22FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4% of Est.FY Est.
Operating revenue11,36511,16211,26111,7438,3979,09210,4099,0839,899502--25.5%40,800
YoY8.2%6.6%6.5%-3.2%-26.1%-18.5%-7.6%-22.7%17.9%-94.5%--10.3%
Toshin Development11,04311,04411,13711,3728,27210,41610,55910,0919,75010,125--47.8%41,608
YoY5.8%4.7%0.5%-3.3%-25.1%-5.7%-5.2%-11.3%17.9%-2.8%--5.8%
Toshin Development Singapore2,2672,1672,1142,1892,0876121,8269121,9511,817--51.2%7,357
YoY-0.2%-1.5%-3.5%-1.7%-7.9%-71.8%-13.6%-58.3%-6.5%196.9%--35.3%
Operating profit2,9142,1082,5052,3952,1121,1262,2413882,087-654--21.6%6,647
YoY10.5%0.7%11.0%-1.1%-27.5%-46.6%-10.5%-83.8%-1.2%---13.3%
Operating profit margin25.6%18.9%22.2%20.4%25.2%12.4%21.5%4.3%21.1%---16.3%
Toshin Development1,9811,3241,7871,5891,1949411,6158381,322881--49.4%4,462
YoY-2.2%-16.5%3.3%-19.6%-39.7%-28.9%-9.6%-47.3%10.7%-6.4%---2.7%
Operating profit margin17.9%12.0%16.0%14.0%14.4%9.0%15.3%8.3%13.6%8.7%--10.7%
Toshin Development Singapore85172178074575783511-471583381--57.9%1,666
YoY33.4%33.8%45.8%54.6%-11.0%-88.5%-34.5%--23.0%359.0%--89.3%
Operating profit margin37.5%33.3%36.9%34.0%36.3%13.6%28.0%-51.6%29.9%21.0%--22.6%
Source: Shared Research based on company data
Note: Effective Q3 FY02/20, the name of the Real Estate segment was changed to the Commercial Property Development segment.
Finance segment: quarterly performance
FinanceFY02/20FY02/21FY02/22FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4% of Est.FY Est.
Operating revenue4,3634,2564,3834,4554,0354,0684,1224,0254,2443,93347.9%17,061
YoY6.1%9.6%13.3%10.5%-7.5%-4.4%-6.0%-9.7%5.2%-3.3%5.0%
Takashimaya Financial Partners5,0315,1105,2425,3134,5514,9445,0934,9875,0314,86448.1%20,553
YoY4.1%9.3%9.8%8.8%-9.5%-3.2%-2.8%-6.1%10.5%-1.6%5.0%
Operating profit1,4011,2051,2711,0011,0581,0481,0691,1131,27489551.1%4,243
YoY3.1%-11.3%-9.1%-24.8%-24.5%-13.0%-15.9%11.2%20.4%-14.6%-1.0%
Operating profit margin32.1%28.3%29.0%22.5%26.2%25.8%25.9%27.7%30.0%22.8%24.9%
Takashimaya Financial Partners1,2121,1791,1639451,0631,0521,0761,0971,27489551.1%4,243
YoY3.9%-4.8%-8.4%-22.3%-12.3%-10.8%-7.5%16.1%19.8%-14.9%-1.0%
Operating profit margin24.1%23.1%22.2%17.8%23.4%21.3%21.1%22.0%25.3%18.4%20.6%
Source: Shared Research based on company data
Note: In Q1 FY02/21, Takashimaya Insurance merged with Takashimaya Credit via an absorption-type merger with Takashimaya Credit as the surviving entity. It subsequently changed its name to Takashimaya Financial Partners Co., Ltd. The figures above have not been retroactively adjusted to reflect this merger.
Contract and Design segment: quarterly performance
Contract and DesignFY02/20FY02/21FY02/22FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4% of Est.FY Est.
Operating revenue6,6289,7416,35710,4647,2585,3182,8283,6753,9604,29843.3%19,064
YoY23.8%42.4%17.6%45.5%9.5%-45.4%-55.5%-64.9%-45.4%-19.2%-0.1%
Takashimaya Space Create7,28510,8528,2389,9917,3585,4683,1363,9814,4274,94047.0%19,927
YoY17.5%17.6%5.0%19.5%1.0%-49.6%-61.9%-60.2%-39.8%-9.7%-0.1%
Operating profit175583528493115-236-409-450-319187--
YoY-21.5%363.2%186.6%-34.3%------
Operating profit margin2.6%6.0%8.3%4.7%1.6%-4.4%-14.5%-12.2%-8.1%4.4%-
Takashimaya Space Create173581530471115-236-409-450-319187--
YoY-26.0%310.9%137.9%-33.5%------
Operating profit margin2.4%5.4%6.4%4.7%1.6%-4.3%-13.0%-11.3%-7.2%3.8%-
Source: Shared Research based on company data
Note: In Q1 FY02/21, Takashimaya Space Create merged with Takashimaya Space Create Tohoku via an absorption-type merger with Takashimaya Space Create as the surviving entity. The figures above have not been retroactively adjusted to reflect this merger.
Other segment: quarterly performance
OtherFY02/20FY02/21FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Operating revenue8,0089,1689,54411,4187,8969,3248,79312,0958,6488,748
YoY3.4%3.3%4.0%7.4%-1.4%1.7%-7.9%5.9%9.5%-6.2%
Operating profit34762968490220356250832-11442
YoY32.4%4.7%12.9%0.0%-94.2%-43.4%-63.5%-7.8%-24.2%
Operating profit margin4.3%6.9%7.2%7.9%0.3%3.8%2.8%6.9%-0.1%5.1%
Source: Shared Research based on company data
For reference: Domestic department store performance by store
Domestic department store sales
Sales by storeFY02/20FY02/21FY02/22FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4% of Est.FY Est.
Sales185,797188,884185,770199,83387,287154,617154,354172,498136,363153,387--44.8%647,160
YoY0.3%1.7%1.0%-6.5%-53.0%-18.1%-16.9%-13.7%56.2%-0.8%--13.8%
Takashimaya (parent)173,097176,175172,878185,46880,330143,641143,511160,097126,633142,684--44.7%602,332
YoY0.3%1.8%1.1%-6.7%-53.6%-18.5%-17.0%-13.7%57.6%-0.7%--14.2%
Osaka38,47137,56036,82936,70113,84826,57026,86429,67319,75327,750--42.7%111,187
YoY6.7%