Local News

Mitsukoshi Isetan Holdings announced that its Fukuoka-based subsidiary Iwataya Mitsukoshi, recorded a net loss of ¥110 billion in the fiscal year ended March 2013. This marks the third consecutive year of deficits, but the company has been able to significantly rein in the red ink by reducing staff. Meanwhile, it recorded an operating profit of ¥234 billion, one year ahead of schedule, due primarily to savings generated from a voluntary early retirement program. At a press conference in Tokyo, Mitsukoshi Isetan Holdings president Hiroshi Onishi said, “The real recovery starts now. We will create clear strategies for Iwataya and Fukuoka Mitsukoshi and renovate the stores in March 2015.” Source: Nishinippon Shimbun, May 11