TOKYO — Major Japanese retailers suffered a 5% drop in operating profit on the year in September-November, as protracted inflation squeezes household spending on daily necessities like food.
The total for 89 publicly traded retailers came to 495.6 billion yen ($3.2 billion) for the quarter, according to data compiled by Nikkei. This marks the first year-on-year decline for the quarter since 2021, when COVID-19 restrictions were in place.
