Mitsukoshi Ltd., Japan’s third-largest department store chain, said Friday it returned to profit in the first quarter from the year before, when it posted a loss because of a revaluation of its real estate holdings.
Net profit for the three months to May 31 was 2.4 billion yen from a loss of 11.6 billion yen a year earlier. Revenue dropped 5.3 percent to 185.3 billion yen, the Tokyo-based retailer said in a statement.
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