Sales at Japan Dept. Store Operator Plunging after Tax Hike
Tokyo, Oct. 8 (Jiji Press)--Major Japanese department store operator J. Front Retailing Co. <3086> has been seeing its same-store sales fall by over 20 pct year on year since the consumption tax was raised to 10 pct from 8 pct on Oct. 1, President Ryoichi Yamamoto said Tuesday.
"The pace of sales rise (in the lead-up to the tax hike) and that of fallback (after the hike) are almost the same as the last time" the consumption tax was raised, to 8 pct from 5 pct, in April 2014, he said at a press conference to announce the company's March-August earnings, noting that sales before the latest tax hike increased by more than 30 pct from a year before.
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