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Takashimaya

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
2022-05-17
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Executive summary

Takashimaya Co., Ltd. was founded in 1831 and is the operator of one of the largest department store chains in Japan. It operates 14 domestic stores, including the Yokohama, Osaka, Kyoto, and Shinjuku stores. As a well-established department store, 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).

In FY02/22, Takashimaya reported operating revenue of JPY761.1bn (+11.8% YoY) and operating profit of JPY4.1bn (versus a loss of JPY13.5bn in FY02/21). The Department Store segment represents the company's core business (85.2% of FY02/22 operating revenue; operating loss of JPY6.6bn). The Commercial Property Development business (5.4%; operating profit of JPY7.3bn) is involved in the development and operation of shopping centers, and real estate development overseas. The Finance business (2.2%; operating profit of JPY4.4bn) mainly handles the credit card business, and the Contract and Design business (2.1%; operating loss of JPY504mn) deals with interior decorating for the company properties as well as for hotels and luxury brand boutiques.

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, but the COVID-19 pandemic has caused a rapid decline in the number of foreign visitors to Japan. Although Department Store revenue is down during the COVID-19 pandemic, the company has been undertaking a review of its earnings structure, implementing measures such as a reform of the sales floor with respect to apparel (a core product category), improving gross profit margin on product sales, and reducing SG&A expenses through cost structure reforms. 

The company is also focusing on its Commercial Property Development business. Because the main source of income is rent from tenants, this segment enjoys relatively stable revenue and has remained profitable even during the COVID-19 pandemic. There is a strong connection to the Department Store business; for example, the Commercial Property Development business was able to boost the drawing power of department stores by bringing in attractive tenants to certain floors that had been experiencing a slump. The Commercial Property Development business is also expanding its portfolio to handle the development and management of condominiums and office buildings in Japan, rather than only commercial property development. 

The company has positioned the Finance business to be 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

In FY02/22, Takashimaya reported operating revenue of JPY761.1bn (+11.8% YoY), operating profit of JPY4.1bn (versus a loss of JPY13.5bn in FY02/21), and net income attributable to owners of the parent of JPY5.4bn (versus a net loss of JPY34.0bn). Revenue in the mainstay Department Store business improved, but failed to return to the levels prior to the pandemic as consumer sentiment deteriorated due to a wave of COVID-19 cases and the resulting state of emergency declarations. Operating profit turned into the black. On the back of higher operating revenue, gross profit increased to JPY167.7bn (+12.4% YoY). SG&A expenses were kept under control at JPY229.0bn (+2.8% YoY) owing to cost-savings of about JPY9.6bn arising from structural reforms at the company's domestic department stores.

Company forecast for FY02/23 calls for operating revenue of JPY431.5bn (-43.3% YoY), operating profit of JPY17.5bn (+325.7% YoY), recurring profit of JPY16.0bn (+131.8% YoY), and net income attributable to owners of the parent of JPY10.0bn (+86.6% YoY). Although the company expects a decline in operating revenue due to the adoption of the Accounting Standard for Revenue Recognition from FY02/23, it forecasts total operating revenue (operating revenue based on previous accounting standards) of JPY831.5bn (+9.2% YoY). Total operating revenue and operating profit are expected to increase YoY owing to the absence of COVID-19-related store closures seen in FY02/22 and reduced impact from the pandemic in general.

The company released its "Three-year plan (FY2021–23)" in April 2021. FY02/24 targets include operating revenue of JPY850.0bn and operating profit of JPY30.0bn. Although these targets do not assume a full recovery in inbound tourism to Japan, and total operating revenue will fall short of the JPY919.1bn figure booked in FY02/20, the company’s target of JPY30bn for operating profit in FY02/24 exceeds the JPY25.6bn operating profit level reported for FY02/20, the bullish outlook here being based primarily on the cost savings expected from its structural reform efforts. For the domestic Department Store business, the company targets operating profit of JPY9.0bn in FY02/24 and for the overseas Department Store business targets operating profit of JPY4.7bn. For its Commercial Property Development business, the company targets operating profit of JPY10.0bn in FY02/24 and for its Finance business targets operating profit of JPY5.5bn. The company intends to boost annual e-commerce sales from JPY18.6bn in FY02/20 to JPY50.0bn by FY02/24. In the medium-term, it plans returns to shareholders totaling JPY40bn. 

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 statementFY02/14FY02/15FY02/16FY02/17FY02/18FY02/19FY02/20FY02/21FY02/22FY02/23
(JPYmn) Act.Act.Act.Act.Act.Act.Act.Act.Act.Est.
Total operating revenue904,180912,523929,588923,601949,572912,848919,094680,899761,124831,500
YoY3.9%0.9%1.9%-0.6%2.8%-3.9%0.7%-25.9%11.8%9.2%
Operating revenue904,180912,523929,588923,601949,572912,848919,094680,899761,124431,500
YoY3.9%0.9%1.9%-0.6%2.8%-3.9%0.7%-25.9%11.8%-43.3%
Sales845,785851,374865,889860,761886,700846,894848,494620,885695,693
YoY3.7%0.7%1.7%-0.6%3.0%-4.5%0.2%-26.8%12.0%
Gross profit214,673214,492214,878211,996218,405217,403215,125149,265167,713
YoY2.4%-0.1%0.2%-1.3%3.0%-0.5%-1.0%-30.6%12.4%
Gross profit margin(% of sales) 25.4%25.2%24.8%24.6%24.6%25.7%25.4%24.0%24.1%
Operating profit29,09932,02232,97234,00035,31826,66125,582-13,4964,11017,500
YoY14.2%10.0%3.0%3.1%3.9%-24.5%-4.0%--325.8%
Operating profit margin(% of sales) 3.4%3.8%3.8%3.9%4.0%3.1%3.0%-0.6%
Recurring profit33,35035,90437,78537,21538,60631,23423,200-13,6376,90316,000
YoY11.7%7.7%5.2%-1.5%3.7%-19.1%-25.7%--131.8%
Recurring profit margin(% of sales) 3.9%4.2%4.4%4.3%4.4%3.7%2.7%-1.0%
Net income18,71622,58123,82920,87023,65816,44316,028-33,9705,36010,000
YoY13.2%20.7%5.5%-12.4%13.4%-30.5%-2.5%--86.6%
Net margin2.2%2.7%2.8%2.4%2.7%1.9%1.9%-0.8%
Per-share data (JPY)
Shares issued (year-end; '000)('000 shares) 330,827355,519355,519355,519355,519177,759177,759177,759177,759
Shares issued (adjusted, year-end; '000)165,414177,759177,759177,759177,759177,759177,759177,759177,759
EPS113.5132.6135.8119.4135.494.193.3-203.732.160.0
EPS (fully diluted)102.4112.1119.6105.1119.281.476.6--
Dividend per share20.020.024.024.024.024.024.024.024.024.0
Book value per share2,1722,2632,2832,3592,3592,5412,6072,3652,390
Balance sheet (JPYmn)
Cash and cash equivalents106,45187,88775,487107,15999,54197,09089,820106,67590,672
Total current assets332,121288,147290,625325,500327,501307,568287,764283,607269,828
Tangible fixed assets394,436412,474417,307413,703550,757621,228715,804706,535706,306
Intangible assets28,716109,505108,327107,17218,03528,95137,93936,43935,931
Investments and other assets146,864169,483158,161140,087139,511120,382126,995123,923132,269
Total assets902,139979,611974,421986,4641,035,8071,078,1301,168,5031,150,5061,144,335
Accounts payable95,901101,558103,363101,320102,428108,560102,62686,96593,698
Short-term debt48,22438,08817,8859,51650,77714,13175,03656,29127,157
Total current liabilities335,599336,703325,082319,793370,888349,216397,915402,625352,815
Long-term debt120,227126,225137,412146,255123,878181,363125,738237,251275,077
Total fixed liabilities201,627234,430241,951244,780215,392267,328314,717332,769371,030
Total liabilities537,227571,133567,034564,574586,281616,545712,632735,395723,846
Total net assets364,912408,477407,386421,890449,526461,585455,871415,111420,489
Cash flow statement(JPYmn)
Cash flows from operating activities40,58241,01825,63842,26636,87067,91340,60843,72021,044
Cash flows from investing activities-30,389-116,049-16,081-9,124-62,286-85,815-23,434-27,034-37,120
Cash flows from financing activities64,39111,619-19,239-4,22814,18517,226-23,4832,303-4,758
Financial ratios
Total interest-bearing debt168,451164,313155,297155,771174,262194,783193,043293,542302,234
ROA (RP-based)3.9%3.8%3.9%3.8%3.8%3.0%2.1%-1.2%0.6%
ROE5.4%5.9%6.0%5.1%5.6%3.7%3.6%-8.2%1.4%
Equity ratio39.7%40.9%40.9%41.8%42.2%41.2%37.2%34.3%34.8%
Source: Shared Research based on company data
Notes: Figures may differ from company materials due to differences in rounding methods; ROA is based on recurring profit.
From FY02/19, sales from consignment transaction by overseas subsidiaries are reported on a net basis, the portion that represents income to the company.
From FY02/20, IFRS 16 “Leases” is adopted for overseas subsidiaries.
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.
From FY02/23, the company has applied the Accounting Standard for Revenue Recognition (Accounting Standard Board of Japan Statement No. 29, March 31, 2020). For FY02/23, it forecasts total operating revenue (operating revenue based on previous accounting standards) of JPY831.5bn (+9.2% YoY).

Recent updates

Monthly sales report for April 2022

2022-05-16

Takashimaya Co., Ltd. released monthly sales report for April 2022.

All-store salesMarAprMayJunJulAugSepOctNovDecJanFeb
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 StoresTakashimaya (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 StoresTakashimaya (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%8.9%9.7%21.6%4.3%
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%8.7%9.4%20.8%3.8%
Comparable stores28.0%144.1%47.5%2.9%5.4%-8.7%------
Department StoresTakashimaya (parent)27.8%197.6%57.0%1.0%5.7%-9.7%-2.5%5.8%9.1%10.2%22.8%2.9%
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%8.9%9.8%21.8%2.5%
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%10.0%-2.1%14.2%19.2%
Cross-media16.9%12.0%4.7%-1.6%-13.2%-10.4%1.4%-1.3%1.1%10.6%4.8%1.7%
Tax-free sales131.8%1,464.2%755.2%179.2%116.4%67.4%151.3%149.5%95.2%55.2%62.6%9.3%
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%8.4%33.4%2.1%4.3%
Tax-free sales784.4%30,438.8%189.5%172.8%111.2%77.5%179.5%91.6%60.0%82.7%23.9%-11.5%
FY02/23
TotalTakashimaya stores(Parent) 8.1%23.1%
Takashimaya and regional stores7.8%22.0%
Department StoresTakashimaya (parent)6.1%23.7%
Takashimaya and regional stores6.0%22.5%
Corporate38.1%30.6%
Cross-media2.1%-6.6%
Tax-free sales-7.1%77.4%
Store sales (following month; up to mid-month release)12.5%97.2%
Tax-free sales27.1%171.5%
Monthly store sales YoY20212022FY02/22
MayJunJulAugSepOctNovDecJanFebMarAprAct.% of total
Takashimaya stores(Parent) 46.5%1.4%3.8%-9.1%-0.5%5.1%8.9%9.7%21.6%4.3%8.1%23.1%597,95193.1%
Takashimaya and domestic dept. store subsidiaries45.6%1.7%3.8%-10.0%-0.8%4.9%8.7%9.4%20.8%3.8%7.8%22.0%642,417100.0%
Monthly sales by store
Osaka-22.0%2.3%10.6%0.1%-7.5%0.9%14.6%13.1%23.7%7.9%6.3%40.7%109,26917.0%
Sakai-9.7%-1.2%-2.7%-8.4%-6.2%-1.3%5.5%1.7%2.7%-6.5%1.2%18.0%10,0051.6%
Kyoto/Rakusei49.2%2.0%7.5%-6.0%-4.6%0.9%12.5%9.6%19.4%-1.9%-3.9%26.2%74,02611.5%
Senboku-18.0%-5.6%-2.5%-13.1%-5.5%-3.0%2.1%1.0%-1.6%-8.2%-1.0%16.4%14,4192.2%
Nihombashi60.2%0.8%6.5%-10.6%-0.9%14.2%2.9%0.7%25.6%4.3%11.8%23.1%123,99919.3%
Yokohama177.1%5.5%8.0%-11.6%-0.8%9.0%12.2%12.4%31.5%4.5%6.7%9.9%118,59618.5%
Shinjuku76.8%9.5%23.8%-5.3%3.5%12.1%12.3%26.3%27.9%10.4%16.4%41.2%58,4399.1%
Tamagawa49.4%1.0%2.6%-9.1%3.9%6.3%4.1%8.0%22.6%-1.5%5.3%24.1%40,2986.3%
Tachikawa21.2%-6.1%-3.7%-12.2%0.7%2.5%-2.1%-0.9%11.0%2.4%4.3%21.1%8,1501.3%
Omiya61.2%-8.1%-0.8%-16.6%-11.6%-6.5%-3.3%0.2%4.9%-4.2%-1.3%3.1%7,3211.1%
Kashiwa80.1%-2.6%-1.7%-18.8%-4.8%0.3%2.7%6.1%12.3%-4.9%2.2%4.5%33,4235.2%
Okayama Takashimaya13.0%-8.5%1.2%-19.6%-9.1%-4.4%8.7%8.5%9.8%3.8%0.8%4.2%16,5232.6%
Gifu Takashimaya46.6%36.6%8.2%-17.7%-5.8%2.9%9.1%4.2%9.2%-8.2%6.2%10.4%12,8332.0%
Takasaki Takashimaya56.0%-0.9%1.3%-24.3%-0.3%9.5%0.7%3.7%14.2%-3.4%7.1%14.0%15,1092.4%
Department store (Takashimaya)45.6%1.7%3.8%-10.0%-0.8%4.9%8.7%9.4%20.8%3.8%7.8%22.0%585,32891.1%
Corporate3.1%10.5%-15.8%2.3%33.7%-3.4%10.0%-2.1%14.2%19.2%38.1%30.6%33,8635.3%
Cross-media4.7%-1.6%-13.2%-10.4%1.4%-1.3%1.1%10.6%4.8%1.7%2.1%-6.6%23,2253.6%
Customer count by store
Osaka-12.1%-23.9%-10.3%-23.3%-28.3%-14.5%1.2%23.4%16.1%0.1%-0.6%43.9%
Sakai17.3%5.7%0.0%-4.8%-6.3%-0.3%0.5%2.7%2.7%-2.5%-1.8%10.1%
Kyoto, Rakusai15.7%-6.7%0.5%-14.8%-16.1%-5.3%-2.2%5.1%10.6%-4.7%-5.6%21.4%
Senboku-15.0%-12.2%-2.5%-11.9%-8.3%-2.2%-2.6%1.5%-3.2%-8.8%-3.6%14.5%
Nihombashi23.1%-0.8%4.8%-13.5%-12.2%2.3%8.8%15.5%24.2%0.9%3.9%24.9%
Yokohama143.6%8.0%16.6%-8.5%-1.6%10.3%20.6%18.6%34.4%5.7%0.0%5.5%
Shinjuku55.6%-2.7%17.1%-17.3%-11.4%-4.4%0.9%7.3%15.4%-6.2%3.7%27.4%
Tamagawa34.7%-0.4%5.7%-19.0%-12.1%-9.0%-1.8%0.4%10.2%-6.3%-0.4%12.2%
Tachikawa31.0%-4.9%4.5%-15.0%-3.1%-2.5%1.5%2.6%9.0%-8.5%-4.6%11.5%
Omiya70.6%-6.6%5.1%-16.4%-10.3%3.2%1.4%4.5%11.8%-7.3%-3.3%6.9%
Kashiwa, Foodmaison Otakanomori62.2%-0.1%4.1%-10.6%-7.4%-4.8%3.1%5.9%12.1%-3.8%1.4%2.0%
Okayama Takashimaya-59.3%-66.8%-61.4%-69.3%-68.0%-66.6%-63.2%-58.4%-63.4%-67.2%-5.0%4.5%
Gifu Takashimaya41.9%-2.9%-2.2%-17.7%-15.7%-3.3%-5.8%1.1%6.6%-13.1%-4.3%2.2%
Takasaki Takashimaya57.0%-4.2%5.7%-11.7%6.3%3.9%-3.7%6.0%8.3%-6.8%2.7%11.3%
Takashimaya and domestic dept. store subsidiaries34.5%-9.3%-1.3%-18.8%-14.8%-6.1%0.9%7.1%10.8%-5.9%6.0%15.5%
By product (Takashimaya, domestic dept. store subsidiaries)
(JPYmn)
Apparel66.4%-3.5%0.2%-13.6%-4.0%4.3%11.6%13.1%25.1%-4.3%3.3%24.1%150,79425.2%
Menswear and goods43.7%-7.6%-2.2%-11.4%-8.4%0.0%7.1%13.7%24.9%-2.0%9.1%31.1%26,6004.4%
Womenswear and goods90.6%1.2%1.6%-13.2%-2.5%8.7%15.7%16.5%28.1%-3.6%3.8%27.1%101,95717.1%
Children's wear and goods5.2%-18.2%-6.7%-22.8%-11.2%-9.3%-2.1%6.2%10.0%-11.0%-3.2%12.2%11,4701.9%
Other apparel48.0%-17.3%1.4%-13.2%-1.0%-7.1%-6.0%-10.6%12.1%-8.6%-3.8%-3.1%10,7651.8%
Personal items107.1%12.8%13.7%-5.9%-0.4%13.1%23.7%23.4%33.7%16.7%13.1%44.6%100,97716.9%
Household goods19.1%-3.6%-9.7%-22.4%-14.1%-2.3%8.4%-0.1%2.4%-14.1%7.0%10.2%37,6386.3%
Furniture44.3%0.2%4.2%-4.8%0.1%6.0%2.9%15.9%16.9%2.0%18.0%27.9%8,4891.4%
Home appliances3.8%-9.2%-21.5%-35.5%-51.9%-34.3%6.5%-26.4%-15.8%10.0%45.0%46.7%4,3070.7%
Household goods17.0%-3.8%-12.3%-26.0%-10.1%1.4%10.6%-0.3%2.8%-23.8%-2.6%-2.2%24,8404.2%
Food12.2%2.3%2.8%-6.7%10.8%2.9%6.0%4.3%12.9%11.2%12.4%18.1%192,28432.2%
Fresh produce-5.4%-2.6%-1.4%-13.0%1.2%-6.9%-1.7%-2.8%-2.1%-1.7%3.4%1.4%32,4435.4%
Confectionery31.2%6.7%6.8%-2.7%18.5%9.7%14.3%12.4%18.0%14.6%16.7%31.6%55,0569.2%
Deli foods18.6%7.0%7.0%-6.2%17.4%7.2%5.4%3.6%15.1%16.0%16.3%20.4%55,4639.3%
Other foods6.5%-1.5%-1.7%-6.5%2.7%-0.6%4.4%1.1%15.2%9.8%7.4%14.4%49,3208.2%
Restaurants and cafes177.7%-4.8%4.3%-33.2%-23.4%0.0%10.0%23.6%35.0%-2.1%5.8%38.3%6,9051.2%
Accessories84.6%-0.4%6.5%-9.2%-5.9%4.2%-0.1%7.3%20.0%1.5%2.9%12.3%91,47415.3%
Cosmetics72.9%-11.5%-0.9%-9.8%-3.8%5.4%0.1%10.2%12.9%4.6%4.0%6.6%40,0626.7%
Art work and jewelry175.4%18.1%17.0%-2.3%-6.9%12.0%9.3%11.9%54.1%10.6%11.6%25.2%40,6146.8%
Other accessories-9.1%-11.9%-4.2%-31.1%-10.2%-24.0%-23.4%-14.9%-23.1%-29.6%-21.7%-6.3%10,7971.8%
Services73.0%8.1%11.1%-11.3%-5.5%12.2%-18.7%-8.7%104.9%15.7%21.1%6.3%17,8763.0%
Other45.2%8.0%8.5%10.2%-2.1%6.7%-0.1%7.2%5.2%-9.5%7.5%-2.2%
Total45.6%1.7%3.8%-10.0%-0.8%4.9%8.7%9.4%20.8%3.8%7.8%22.0%597,951100.0%

Revisions to full-year earnings forecast

2022-04-08

On April 7, 2022, Takashimaya Co., Ltd. announced revisions to its full-year earnings forecast.

Revised forecast for full-year FY02/22
  • Operating revenue: JPY761.0bn (versus previous forecast of JPY764.0bn)
  • Operating profit: JPY4.1bn (JPY6.0bn)
  • Recurring profit: JPY6.9bn (JPY6.0bn)
  • Net income attributable to owners of the parent: JPY5.3bn (JPY2.3bn) 
  • EPS: JPY31.8 (JPY13.8)
Reasons for forecast revision

The downward revision to the company's operating profit estimate reflected a shortfall in store sales in January and February, which came in roughly 7% (JPY7.0bn) lower than expected as consumer spending slowed following the implementation of priority preventive measures after the start of 2022.

The upward revision to its forecast for net income attributable to owners of the parent reflected a JPY4.4bn improvement in deferred income taxes. This was due to an increase in deferred tax assets as the company's business adaptation plan was approved under the revised Industrial Competitiveness Enhancement Act.

The company upwardly revised its recurring profit forecast as non-operating income increased JPY2.7bn due to employment adjustment subsidy and other subsidies associated with temporary store closures.

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 revenue223,682453,144676,639919,094116,204297,352479,880680,899164,959347,189537,289761,124100.0%761,000
YoY1.8%2.6%2.6%0.7%-48.0%-34.4%-29.1%-25.9%42.0%16.8%12.0%11.8%11.8%
Sales205,744417,630623,531848,494102,159268,559434,631620,885148,945315,080488,642695,693
YoY1.0%2.0%2.0%0.2%-50.3%-35.7%-30.3%-26.8%--12.4%12.0%
Gross profit52,963106,453159,332215,12524,22164,207104,711149,26536,00776,218118,176167,713
YoY-0.5%0.6%0.7%-1.0%-54.3%-39.7%-34.3%-30.6%48.7%18.7%12.9%12.4%
Gross profit margin25.7%25.5%25.6%25.4%23.7%23.9%24.1%24.0%24.2%24.2%24.2%24.1%
SG&A expenses63,154128,543192,178260,14245,635103,219160,473222,77552,738110,341167,920229,033
YoY3.9%3.2%2.8%1.3%-27.7%-19.7%-16.5%-14.4%15.6%6.9%4.6%2.8%
SG&A ratio30.7%30.8%30.8%30.7%44.7%38.4%36.9%35.9%35.4%35.0%34.4%32.9%
Operating profit7,74613,42420,26125,582-7,368-10,217-10,513-13,496-717-2,014-1,0964,110100.2%4,100
YoY-9.4%0.0%4.5%-4.0%---------
Operating profit margin3.8%3.2%3.2%3.0%-------0.6%-
Recurring profit7,11712,65919,40323,200-8,684-10,914-10,934-13,637148-5591,3426,903100.0%6,900
YoY-28.6%-21.5%-15.2%-25.7%---------
Recurring profit margin3.5%3.0%3.1%2.7%----0.1%-0.3%1.0%-
Net income10,59712,40416,44716,028-20,530-23,284-24,377-33,970-1,305-4,375-3,7155,360101.1%5,300
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%-0.8%-
QuarterlyFY02/20FY02/21FY02/22
(JPYmn) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Operating revenue223,682229,462223,495242,455116,204181,148182,528201,019164,959182,230190,100223,835
YoY1.8%3.5%2.5%-4.3%-48.0%-21.1%-18.3%-17.1%42.0%0.6%4.1%11.4%
Sales205,744211,886205,901224,963102,159166,400166,072186,254148,945166,135173,562207,051
YoY1.0%3.1%1.9%-4.5%-50.3%-21.5%-19.3%-17.2%45.8%-0.2%4.5%11.2%
Gross profit52,96353,49052,87955,79324,22139,98640,50444,55436,00740,21141,95849,537
YoY-0.5%1.8%0.9%-5.8%-54.3%-25.2%-23.4%-20.1%48.7%0.6%3.6%11.2%
Gross profit margin25.7%25.2%25.7%24.8%23.7%24.0%24.4%23.9%24.2%24.2%24.2%23.9%
SG&A expenses63,15465,38963,63567,96445,63557,58457,25462,30252,73857,60357,57961,113
YoY3.9%2.5%1.9%-2.5%-27.7%-11.9%-10.0%-8.3%15.6%0.0%0.6%-1.9%
SG&A ratio30.7%30.9%30.9%30.2%44.7%34.6%34.5%33.5%35.4%34.7%33.2%29.5%
Operating profit7,7465,6786,8375,321-7,368-2,849-296-2,983-717-1,2979185,206
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%0.5%2.5%
Recurring profit7,1175,5426,7443,797-8,684-2,230-20-2,703148-7071,9015,561
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%1.1%2.7%
Net income10,5971,8074,043-419-20,530-2,754-1,093-9,593-1,305-3,0706609,075
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%0.4%4.4%
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 revenue223,682229,462223,495242,455116,204181,148182,528201,019164,959182,230190,100223,835100.0%761,000
YoY1.8%3.5%2.5%-4.3%-48.0%-21.1%-18.3%-17.1%42.0%0.6%4.1%11.4%11.8%
Department Stores193,316195,134191,949204,37688,616153,347156,375172,140138,206154,849163,400191,90698.0%661,269
YoY0.6%1.8%1.1%-6.5%-54.2%-21.4%-18.5%-15.8%56.0%1.0%4.5%11.5%15.9%
Commercial Property Development11,36511,16211,26111,7438,3979,09210,4099,0839,89910,40110,35710,52878.9%52,177
YoY8.2%6.6%6.5%-3.2%-26.1%-18.5%-7.6%-22.7%17.9%14.4%-0.5%15.9%41.1%
Finance4,3634,2564,3834,4554,0354,0684,1224,0254,2443,9334,1264,21280.4%20,553
YoY6.1%9.6%13.3%10.5%-7.5%-4.4%-6.0%-9.7%5.2%-3.3%0.1%4.6%26.5%
Contract and Design6,6289,7416,35710,4647,2585,3182,8283,6753,9604,2983,5104,56382.0%19,927
YoY23.8%42.4%17.6%45.5%9.5%-45.4%-55.5%-64.9%-45.4%-19.2%24.1%24.2%4.4%
Other8,0089,1689,54411,4187,8969,3248,79312,0958,6488,7488,70812,625384.5%10,072
YoY3.4%3.3%4.0%7.4%-1.4%1.7%-7.9%5.9%9.5%-6.2%-1.0%4.4%-73.6%
Operating profit7,7465,6786,8375,321-7,368-2,849-296-2,983-717-1,2979185,20668.5%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%0.5%2.3%0.8%
Department Stores2,8491,4252,289375-8,608-5,280-2,975-4,460-3,160-3,802-1,7262,127--3,710
YoY-28.1%207.1%28.7%-84.9%---------
Operating profit margin1.5%0.7%1.2%0.2%-------1.1%-0.6%
Commercial Property Development2,9142,1082,5052,3952,1121,1262,2413882,0871,4332,3871,372109.5%6,647
YoY10.5%0.7%11.0%-1.1%-27.5%-46.6%-10.5%-83.8%---253.6%13.3%
Operating profit margin25.6%18.9%22.2%20.4%25.2%12.4%21.5%4.3%21.1%13.8%23.0%13.0%12.7%
Finance1,4011,2051,2711,0011,0581,0481,0691,1131,2748951,1411,048102.7%4,243
YoY3.1%-11.3%-9.1%-24.8%-24.5%-13.0%-15.9%11.2%----5.8%-1.1%
Operating profit margin32.1%28.3%29.0%22.5%26.2%25.8%25.9%27.7%30.0%22.8%27.7%24.9%20.6%
Contract and Design175583528493115-236-409-450-319187-530158-0
YoY-21.5%363.2%186.6%-34.3%--------
Operating profit margin2.6%6.0%8.3%4.7%1.6%----4.4%-3.5%0.0%
Other34762968490220356250832-11442299883--1,180
YoY32.4%4.7%12.9%0.0%-94.2%-43.4%-63.5%-7.8%---6.1%-
Operating profit margin4.3%6.9%7.2%7.9%0.3%3.8%2.8%6.9%-5.1%3.4%7.0%-
Adjustments59-274-438154-2,067138-472-406-589-452-653-380
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.
Note: FY02/22 estimates are based on previous forecast figures.

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 revenue193,316195,134191,949204,37688,616153,347156,375172,140138,206154,849163,400191,90698.0%661,269
YoY0.6%1.8%1.1%-6.5%-54.2%-21.4%-18.5%-15.8%56.0%1.0%4.5%11.5%15.9%
Parent176,677179,838176,473189,24883,593147,056146,910163,230129,970146,120153,740181,95299.3%616,077
YoY0.5%1.9%1.1%-6.5%-52.7%-18.2%-16.8%-13.7%55.5%-0.6%4.6%11.5%13.9%
Takashimaya Singapore4,0854,1123,7924,9963,1777942,5753,7312,9772,8943,1614,450102.2%13,197
YoY-4.2%-5.5%-8.0%-7.7%-22.2%-80.7%-32.1%-25.3%-6.3%264.5%22.8%19.3%28.4%
Shanghai Takashimaya84979195654450960062366776775375068994.6%3,127
YoY-0.6%-0.1%27.6%-31.2%-40.0%-24.1%-34.8%22.6%50.7%25.5%20.4%3.3%30.3%
Takashimaya Vietnam4694634725943823194355995103062545577.3%1,676
YoY19.9%10.5%7.3%12.5%-18.6%-31.1%-7.8%0.8%33.5%-4.1%-94.3%-24.0%-3.4%
Other, adjustments11,2369,93010,2568,9949554,5785,8323,9133,9824,7765,7244,36069.3%27,192
Operating profit2,8491,4252,289375-8,608-5,280-2,975-4,460-3,160-3,802-1,7262,127--3,710
YoY-28.1%207.1%28.7%-84.9%---------
Operating profit margin1.5%0.7%1.2%0.2%-------1.1%-
Parent1,9389451,543-498-7,986-4,566-2,907-4,759-3,444-3,389-2,1811,254--4,694
YoY-46.7%16.5%-7.5%----------
Operating profit margin1.1%0.5%0.9%--------0.7%-
Takashimaya Singapore1,1791,0631,0381,49056218142762331673191,145107.6%1,731
YoY47.0%67.1%62.2%26.1%-52.3%-98.3%-86.3%-48.9%-41.1%272.2%124.6%50.3%16.6%
Operating profit margin28.9%25.9%27.4%29.8%17.7%2.3%5.5%20.4%11.1%2.3%10.1%25.7%13.1%
Shanghai Takashimaya2828111-93-87-7119881967111897.1%377
YoY-------99.1%----20.4%-739.0%
Operating profit margin3.3%3.5%11.6%---0.2%14.7%10.6%12.7%9.5%17.1%12.1%
Takashimaya Vietnam3573347522447096-19-16812-77
YoY-----85.7%214.3%33.3%48.9%----82.9%-45.4%
Operating profit margin7.5%1.5%7.0%7.9%1.3%6.9%10.1%11.7%18.8%--2.6%4.6%
Other, adjustments-331-618-436-571-1,102-683-255-631-224-557233-402--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.
Note: FY02/22 estimates are based on previous forecast figures.
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 revenue176,677356,515532,988722,23683,593230,649377,559540,789129,970276,090429,830611,78292.5%661,077
YoY0.5%1.2%1.2%-1.0%-52.7%-35.3%-29.2%-25.1%55.5%19.7%13.8%13.1%13.9%
Sales173,097349,272522,150707,61880,330223,971367,482527,579126,633269,317419,631597,95199.3%602,332
YoY0.3%1.1%1.1%-1.1%-53.6%-35.9%-29.6%-25.4%57.6%20.2%14.2%13.3%14.2%
Gross profit41,22983,207124,637167,72617,27950,86384,006119,63228,17660,39794,669134,16497.9%137,015
YoY-0.9%-0.7%-0.4%-2.4%-58.1%-38.9%-32.6%-28.7%63.1%18.7%12.7%12.1%14.5%
Gross profit margin23.8%23.8%23.9%23.7%21.5%22.7%22.9%22.7%22.3%22.4%22.6%22.4%22.7%
SG&A expenses42,87187,566131,051178,41528,52870,094109,550153,06134,95774,004113,887155,754100.2%155,454
YoY3.9%1.8%1.4%0.7%-33.5%-20.0%-16.4%-14.2%22.5%5.6%4.0%1.8%1.6%
SG&A ratio24.8%25.1%25.1%25.2%35.5%31.3%29.8%29.0%27.6%27.5%27.1%26.0%25.8%
Operating profit1,9382,8834,4263,928-7,986-12,552-15,459-20,218-3,444-6,833-9,014-7,760--4,694
YoY-46.7%-35.2%-27.7%-54.0%---------
Operating profit margin1.1%0.8%0.8%0.6%---------
ParentFY02/20FY02/21FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Operating revenue176,677179,838176,473189,24883,593147,056146,910163,230129,970146,120153,740181,952
YoY0.5%1.9%1.1%-6.5%-52.7%-18.2%-16.8%-13.7%55.5%-0.6%4.6%11.5%
Sales173,097176,175172,878185,46880,330143,641143,511160,097126,633142,684150,314178,320
YoY0.3%1.8%1.1%-6.7%-53.6%-18.5%-17.0%-13.7%57.6%-0.7%4.7%11.4%
Gross profit41,22941,97841,43043,08917,27933,58433,14335,62628,17632,22134,27239,495
YoY-0.9%-0.5%0.2%-7.8%-58.1%-20.0%-20.0%-17.3%63.1%-4.1%3.4%10.9%
Gross profit margin23.8%23.8%24.0%23.2%21.5%23.4%23.1%22.3%22.3%22.6%22.8%22.1%
SG&A expenses42,87144,69543,48547,36428,52841,56639,45643,51134,95739,04739,88341,867
YoY3.9%-0.1%0.6%-1.3%-33.5%-7.0%-9.3%-8.1%22.5%-6.1%1.1%-3.8%
SG&A ratio24.8%25.4%25.2%25.5%35.5%28.9%27.5%27.2%27.6%27.4%26.5%23.5%
Operating profit1,9389451,543-498-7,986-4,566-2,907-4,759-3,444-3,389-2,1811,254
YoY-46.7%16.5%-7.5%---------
Operating profit margin1.1%0.5%0.9%---------
Source: Shared Research based on company data
Note: FY02/22 estimates are based on previous forecast figures.
Commercial Property Development segment: quarterly performance
Commercial Property DevelopmentFY02/20FY02/21FY02/22FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4% of Est.FY Est.
Operating revenue11,36511,16211,26111,7438,3979,09210,4099,0839,89910,40110,35710,52878.9%52,177
YoY8.2%6.6%6.5%-3.2%-26.1%-18.5%-7.6%-22.7%17.9%14.4%-0.5%15.9%41.1%
Toshin Development11,04311,04411,13711,3728,27210,41610,55910,0919,75010,12510,71410,80499.5%41,608
YoY5.8%4.7%0.5%-3.3%-25.1%-5.7%-5.2%-11.3%17.9%-2.8%1.5%7.1%5.8%
Toshin Development Singapore2,2672,1672,1142,1892,0876121,8269121,9511,8171,9151,693100.3%7,357
YoY-0.2%-1.5%-3.5%-1.7%-7.9%-71.8%-13.6%-58.3%-6.5%196.9%4.9%85.6%35.3%
Operating profit2,9142,1082,5052,3952,1121,1262,2413882,087-6544,4741,372109.5%6,647
YoY10.5%0.7%11.0%-1.1%-27.5%-46.6%-10.5%-83.8%-1.2%-99.6%253.6%13.3%
Operating profit margin25.6%18.9%22.2%20.4%25.2%12.4%21.5%4.3%21.1%-43.2%13.0%12.7%
Toshin Development1,9811,3241,7871,5891,1949411,6158381,3228811,7201,146113.6%4,462
YoY-2.2%-16.5%3.3%-19.6%-39.7%-28.9%-9.6%-47.3%10.7%-6.4%6.5%36.8%-2.7%
Operating profit margin17.9%12.0%16.0%14.0%14.4%9.0%15.3%8.3%13.6%8.7%16.1%10.6%10.7%
Toshin Development Singapore85172178074575783511-47158338151816498.8%1,666
YoY33.4%33.8%45.8%54.6%-11.0%-88.5%-34.5%--23.0%359.0%1.4%-89.3%
Operating profit margin37.5%33.3%36.9%34.0%36.3%13.6%28.0%-51.6%29.9%21.0%27.0%9.7%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.
Note: FY02/22 estimates are based on previous forecast figures.
Finance segment: quarterly performance
FinanceFY02/20FY02/21FY02/22FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4% of Est.FY Est.
Operating revenue4,3634,2564,3834,4554,0354,0684,1224,0254,2443,9334,1264,21280.4%20,553
YoY6.1%9.6%13.3%10.5%-7.5%-4.4%-6.0%-9.7%5.2%-3.3%0.1%4.6%26.5%
Takashimaya Financial Partners5,0315,1105,2425,3134,5514,9445,0934,9875,0314,8645,0735,17798.0%20,553
YoY4.1%9.3%9.8%8.8%-9.5%-3.2%-2.8%-6.1%10.5%-1.6%-0.4%3.8%5.0%
Operating profit1,4011,2051,2711,0011,0581,0481,0691,1131,2748951,1411,048102.7%4,243
YoY3.1%-11.3%-9.1%-24.8%-24.5%-13.0%-15.9%11.2%20.4%-14.6%6.7%-5.8%-1.0%
Operating profit margin32.1%28.3%29.0%22.5%26.2%25.8%25.9%27.7%30.0%22.8%27.7%24.9%20.6%
Takashimaya Financial Partners1,2121,1791,1639451,0631,0521,0761,0971,2748951,1411,048102.7%4,243
YoY3.9%-4.8%-8.4%-22.3%-12.3%-10.8%-7.5%16.1%19.8%-14.9%6.0%-4.5%-1.0%
Operating profit margin24.1%23.1%22.2%17.8%23.4%21.3%21.1%22.0%25.3%18.4%22.5%20.2%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.
Note: FY02/22 estimates are based on previous forecast figures.
Contract and Design segment: quarterly performance
Contract and DesignFY02/20FY02/21FY02/22FY02/22
Quarterly (JPYmn)Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4% of Est.FY Est.
Operating revenue6,6289,7416,35710,4647,2585,3182,8283,6753,9604,2983,5104,56382.0%19,927
YoY23.8%42.4%17.6%45.5%9.5%-45.4%-55.5%-64.9%-45.4%-19.2%24.1%24.2%4.4%
Takashimaya Space Create7,28510,8528,2389,9917,3585,4683,1363,9814,4274,9403,6144,96690.1%19,927
YoY17.5%17.6%5.0%19.5%1.0%-49.6%-61.9%-60.2%-39.8%-9.7%15.2%24.7%-0.1%
Operating profit175583528493115-236-409-450-319187-530158
YoY-21.5%363.2%186.6%-34.3%-------
Operating profit margin2.6%6.0%8.3%4.7%1.6%----4.4%-3.5%
Takashimaya Space Create173581530471115-236-409-450-319187-530158
YoY-26.0%310.9%137.9%-33.5%-------
Operating profit margin2.4%5.4%6.4%4.7%1.6%----3.8%-3.2%
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.
Note: FY02/22 estimates are based on previous forecast figures.
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.
Sales185,797188,884185,770199,83387,287154,617154,354172,498136,363153,387161,296191,37199.3%647,160
YoY0.3%1.7%1.0%-6.5%-53.0%-18.1%-16.9%-13.7%56.2%-0.8%4.5%10.9%13.8%
Takashimaya (parent)173,097176,175172,878185,46880,330143,641143,511160,097126,633142,684150,314178,32099.3%602,332
YoY0.3%1.8%1.1%-6.7%-53.6%-18.5%-17.0%-13.7%57.6%-0.7%4.7%11.4%14.2%
Osaka38,47137,56036,82936,70113,84826,57026,86429,67319,75327,75028,08833,67898.3%111,187
YoY6.7%7.9%3.6%-10.2%-64.0%-29.3%-27.1%-19.1%42.6%4.4%4.6%13.5%14.7%
% of total22.2%21.3%21.3%19.8%17.2%18.5%18.7%18.5%15.6%19.4%18.7%18.9%18.5%
Sakai2,7362,9972,6073,3251,6472,8262,4342,9091,9492,7182,4322,90698.5%10,159
YoY-11.1%-9.9%-6.5%-3.1%-39.8%-5.7%-6.6%-12.5%18.3%-3.8%-0.1%-0.1%3.5%
% of total1.6%1.7%1.5%1.8%2.1%2.0%1.7%1.8%1.5%1.9%1.6%1.6%1.7%
Kyoto21,98421,93822,08123,56210,08917,54018,21219,94615,61817,80718,85621,74597.5%75,952
YoY0.9%2.2%2.1%-7.5%-54.1%-20.0%-17.5%-15.3%54.8%1.5%3.5%9.0%15.5%
% of total12.7%12.5%12.8%12.7%12.6%12.2%12.7%12.5%12.3%12.5%12.5%12.2%12.6%
Senboku3,8304,2073,7804,6742,4674,1143,5684,3002,8693,8343,4974,21996.8%14,888
YoY0.0%-5.0%-1.3%-7.1%-35.6%-2.2%-5.6%-8.0%16.3%-6.8%-2.0%-1.9%3.0%
% of total2.2%2.4%2.2%2.5%3.1%2.9%2.5%2.7%2.3%