TOKYO -- Earnings season in Japan is highlighting a recent plunge in inbound spending and its impact on drugstore chains, cosmetics makers and department stores previously favored by big-spending Chinese tourists.
Drugstore operator Matsumotokiyoshi Holdings on Friday reported its first net profit drop in two and a half years for the April-June quarter, posting a 2% year-on-year decline to 6.5 billion yen ($61.3 million). Tax-free sales -- under Japan's tax exemption program for foreign visitors -- were essentially flat after surging 34% in April-June 2018.
