Local News

Kitakyushu-based Izutsu-ya released its interim consolidated report showing it earned 1.154 billion yen in current profit during the first half, a sharp increase from the 1.69 billion yen loss of last year. They also posted 1.140 billion in net profit, up from last year’s 563 million yen loss. It was the first time in three years the department store recorded profits in these categories. They managed to achieve profitability despite a 9.1% drop in sales during the same period to 140 billion yen, the second straight annual sales decline for the company. One reason cited for the profit gains was that the company slashed 30% of its workforce as part of its new three-year plan.