TOKYO (MNI) – Department store sales fell 3.2% from a year earlier
in August to Y434.6 billion, posting the 30th straight y/y drop, as
record heat waves across the country dampened sales of autumn clothing
while boosting demand for sun-protective goods, the Japan Department
Stores Association said on Friday.
The pace of y/y decline accelerated from -1.4% in July but
decelerated from -6.0% in June. In July, killer heat waves in the second
half of the month supported sales of summer clothing.
As for August, the industry group repeated that the recent strong
yen and weak share prices had led to slower spending on high-end jewelry
and imported goods.
The association compiles data from 92 companies running 263
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 4.9% year-on-year in August after falling
3.0% in the previous month.
In Tokyo, combined sales at 27 department stores fell 3.4% from a
year before to Y103.3 billion in August after falling 1.7% in the
previous month, also down for the 30th consecutive month.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4833 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$]