TOKYO (MNI) – Department store sales fell 3.7% from a year earlier
in April to Y484.6 billion, with the pace of year-on-year decline
accelerating slightly from the previous month as the country was hit by
unusually low temperatures and rare snow falls in April, the Japan
Department Stores Association said on Tuesday.
Department store sales posted the 26th straight year-on-year drop
in April following -3.5% in March, but the industry group noted that the
three-month moving average for sales is on a recovering trend.
The bad weather conditions in April dampened demand for spring and
early summer clothing, the association said.
But it added that higher share prices on recovering corporate
profits have spurred spending by wealthy consumers on high-end products
including jewelry and imported goods. Popular regional food fairs helped
food sales post their first year-on-year rise in 15 months.
Spending by Chinese and other foreign tourists, which continued to
rise 40% from a year earlier, supported department store sales, it
noted.
The association compiles data from 92 companies running 267
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 5.8% year on-year in April after falling
5.1% in the previous month.
In Tokyo, combined sales at 27 department stores fell 4.9% from a
year before to Y121.9 billion in April after falling 5.1% in the
previous month, also down for the 26th consecutive month.
tokyo@marketnews.com
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