Local News

Iwata-ya Posts First Current Loss in Ten Years

The Fukuoka City-based department store Iwata-ya released its consolidated results for the year ended March 2009 that showed the company posted its first current loss in 10 years. Revenue was down 5.7% from the year-before period to 99,315 million yen, while the current loss amounted to 1,348 million yen. This was attributed to the sharp plunge in sales of high profit-rate clothing and other non-essential items during the economic downturn.

Published: May 21, 2009 / Last Updated: May 21, 2009