J. Front Retailing reports mixed November sales amid tourism boost, developer decline

J. Front Retailing reported a 7.0% decrease in consolidated revenue for November 2025, though the H2 cumulative period saw a 1.5% increase. The Department Store Business experienced a 3.7% increase in sales, driven by strong inbound tourism and luxury brand performance. Daimaru Matsuzakaya reported a 4.5% increase and a 13.3% rise in duty-free sales for November. However, December’s duty-free sales showed a 9.4% decline, while domestic sales increased by 3.2%.

The SC Business maintained flat sales in November but achieved a 3.6% increase for the H2 cumulative period. Individual store performances like Shibuya PARCO (28.3% increase) and PARCO_ya Ueno (25.8% increase) saw strong results due to renovations and inbound tourism. Conversely, the Developer Business saw a significant 47.9% decrease, primarily due to reduced construction and interior work for hotels and department stores.

JFR Card, under the Payment and Finance Business, increased revenue by 1.4%, benefiting from higher merchant fees despite increased point redemption costs. Other businesses, including wholesale and electronic devices, contributed to a 5.4% revenue increase. Clothing sales were up by 9.3%, driven by inbound demand, while general merchandise surged 17.2%, boosted by popular character goods and cinema content.