TOKYO (MNI) – Department store sales fell 2.1% from a year earlier
in May to Y491.2 billion, with the pace of year-on-year declines slowing
from the previous month as consumer sentiment improved on the back of
recovering corporate profits, the Japanese Department Stores Association
said on Monday.
Department store sales posted the 27th straight year-on-year drop
in May following -3.7% in April, but the industry group noted that sales
of summer clothing, jewelry and imported goods increased in the wake of
the fine weather during the Golden Week holidays in addition to the
recovering corporate profits.
The 2% level drop was the smallest year-on-year fall since July
2008, when it was down 2.5%.
Sales did not increase after the middle of the month due to rainy
days, the association added.
It also noted that spending by Chinese and other foreign tourists,
which rose 50% from a year earlier, supported department store sales.
The association compiles data from 92 companies running 265
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 3.9% year on-year in May after falling
5.8% in the previous month.
In Tokyo, combined sales at 27 department stores fell 1.8% from a
year before to Y122.2 billion in May after falling 4.9% in the previous
month, also down for the 27th consecutive month.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4833 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$]
