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Department store operator Takashimaya Co. said Friday it has revised down its group sales and net profit forecasts for the year to Feb. 28, citing slumping sales amid slack consumer spending.

Projections for its half-year group net balance were revised to a loss of 700 million yen from an initially forecast profit of 2.9 billion yen, the major retailer said.

Consolidated net profit forecast for the 12-month period was also revised down to 4.1 billion yen from the earlier projected 8.8 billion yen.

On a half-year basis, group sales forecast for the fiscal first half to Aug. 31 were revised down to 581 billion yen from the previous forecast of 588 billion yen.

Group sales for the year will likely come to 1.18 trillion yen, a downswing from the previous forecast of 1.21 trillion yen released in April.

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