By ANGELA TAN
Isetan (Singapore) Limited reported on Thursday that its net profit for the second quarter of 2010 fell 15.24 per cent from a year ago to S$2.45 million.
Sales was little changed from a year ago at S$79.85 million.
'Although government estimates have shown a strong recovery in the economy for Q2 2010, this did not translate into a similar trend in consumer spending in our stores,' the Japanese department store operator said.
Its earnings were also capped by the higher staff costs as a result of the reduction in the jobs credit scheme grant, rental expenses and other expenses including the withdrawal of the property tax rebate.
It warned that the competition for the consumer dollar will remain keen but with the planned opening of the new store in Serangoon Central at the end of the year, there should be a positive contribution to group sales.
Dividend : None
