TOKYO (MNI) – Department store sales fell 3.5% from a year earlier
in March to Y543.6 billion, with the rate of year-on-year decline
decelerating thanks to improving sentiment, the Japan Department Stores
Association said on Monday.
Department store sales posted the 25th straight year-on-year drop
in March following -5.4% in February, but the industry group noted that
the three-month moving average for sales is still on a recovering trend.
The plunge in temperatures in late March dampened spring clothing
sales but the recent pickup in clothing, imported goods and jewelry
supported overall sales, together with the effects of special events
featuring products from different regions, the association said.
Despite the deflationary pressure on unit prices, the stock market
recovery backed by improving corporate profits is boosting sentiment
among wealthy consumers, which in turn is leading a modest but steady
recovery in sales, it added.
The association compiles data from 86 companies running 268
department stores that have been open for at least a year prior to the
survey being conducted. The data are adjusted to facilitate comparisons
on a same-store basis.
Including sales at stores that were opened within the past year,
department store revenue fell 5.1% year on-year in March after falling
7.1% in the previous month.
In Tokyo, combined sales at 27 department stores fell 5.1% from a
year before to Y131.8 billion in March after falling 6.5% in the
previous month, also down for the 25th consecutive month.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4833 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$]
