Tokyu's Shibuya hotels keep riding inbound demand, but rising costs at its department store and supermarkets cut its profit forecast
Tokyu's own retail and hotel numbers point two ways: Shibuya's hotels are still filling up with foreign guests, while its department store and supermarkets are selling more but keeping less of it, and the group has cut its full-year profit guidance as a result.
Tokyu Corporation's operating profit fell 7.8% to ¥54.3bn in the half year to September, the railway and property group said in results filed 10 November, even as revenue rose 4.1% to ¥540.1bn on the back of a large investor-facing property sale. Ordinary profit fell a sharper 24.0% to ¥53.3bn, mostly because last year's half included a one-off ¥6.7bn gain from taking a stake in Tokyu Real Estate Investment Corporation that did not recur; net profit still rose 4.0% to ¥58.5bn, helped by a lower tax charge.