×
40 258
Fashion Jobs
AVEDA
Aveda Advisor - 15 Hrs - Shops at Columbus Circle - New York,ny
Permanent · New York
SHOW MY LINE
Women's Luxury Ready-tO-Wear Production Manager
Permanent · NEW YORK
ESTÉE LAUDER COMPANIES
Latam E-Commerce Project Manager/Product Owner
Permanent · New York
MICHAEL KORS RETAIL INC
Sales Supervisor, Crabtree Valley, Raleigh nc
Permanent · Raleigh
GAP
General Manager - Lenox Square (Kids & Baby)
Permanent · Atlanta
GAP
General Manager - Northbrook Court
Permanent · Northbrook
GAP
General Manager- Stonebriar Mall
Permanent · Frisco
GAP
General Manager - Roseville Galleria
Permanent · Roseville
GAP
General Manager - Central Texas Marketplace
Permanent · Waco
GAP
Merchandise Planner - Boys - Outlet
Permanent · New York
GAP
Unassigned General Manager - Greater Nashville
Permanent · Nashville
ALICE AND OLIVIA
Sales Supervisor - Cabazon Outlet
Permanent · Cabazon
TARGET CORPORATION
Owned Brand Product Design Director, Pets
Permanent · MINNEAPOLIS
LA MER
Manager, Global Supply Chain Operations - Inventory
Permanent · New York
MAC
Business Development – Key Consumer Manager, Mac
Permanent · New York
H&M
Retail Flagship Visual Manager
Permanent · Chicago
JBCSTYLE
Art Director
Permanent · NEW YORK
JBCSTYLE
Sales Operations Coordinator
Permanent · NEW YORK
ESTÉE LAUDER COMPANIES
Manager, Solution Architect- Omni Retail
Permanent · New York
TOM FORD BEAUTY
Vice President, Marketing, Tom Ford Beauty North America
Permanent · New York
ESTÉE LAUDER COMPANIES
Category Insights Manager - Supply Chain
Permanent · New York
ESTÉE LAUDER COMPANIES
Senior Account Coordinator, Estee Lauder Travel Retail – Americas
Permanent · Los Angeles

J. Front Retailing sees annual profit down by a third after quake

By
Reuters
Published
today Apr 12, 2011
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

April 12 - Japanese department store chain J. Front Retailing Co forecast its operating profit to fall by nearly a third this business year to below analyst estimates as shoppers curb spending on high-end goods following last month's massive earthquake.


Daimaru department store, operated by J. Front Retailing (photo by 663highland under the terms of GNU Free Documentation License)

Department stores in the world's third-largest luxury market had seen earnings start to recover in recent months as customers returned following a slump in demand incited by the global financial crisis three years ago.

But a 9.0 magnitude earthquake and tsunami in northeast Japan on March 11, which triggered Japan's worst-ever nuclear crisis and an electricity shortage in the Tokyo metropolitan area, made that pick-up trend short-lived.

J. Front, which operates the Daimaru and Matsuzakaya department stores, forecast 14 billion yen ($165 million) in operating profit for the financial year that began in March, down 31 percent from the previous year. The forecast is below the average estimate of 20.8 billion yen in a poll of 11 analysts by Thomson Reuters I/B/E/S.

Department stores and luxury goods retailers are the most vulnerable retailers in the aftermath of the disaster, analysts say, as consumers focus spending on food and other essentials, which supports supermarket and convenience store operators.

Last week, rival department store chain Takashimaya forecast a 12 percent drop in annual operating profit.

For the business year that ended in February, J. Front booked a 9.4 percent rise in operating profit to 20.32 billion yen, higher than its 19 billion yen forecast.

Since the earthquake, shares of J. Front have fallen 12.1 percent to 343 yen, underperforming a 6.8 percent drop in the benchmark Nikkei average.

($1 = 84.600 Japanese Yen)

(Reporting by James Topham; Editing by Chris Gallagher)

© Thomson Reuters 2019 All rights reserved.

Tags :
Others
Retail