4:30 PM Tokyo – Earnings announcements were in focus in Tokyo and retailers reported better than expected earnings. The yen closed below 102 mark against the dollar after comments from the Fed Chair Janet Yellen.
Retailers were in focus in Tokyo as investors digested a barrage of earnings. Market indexes declined after a two-day rally and China reported better than expected economic growth in the second quarter.
The Nikkei 225 Stock Average fell 15.86 to 15,379.30 and the broader Topix index inched lower 0.09 to 1,273.59.
The yen eased to close at 101.75 against one U.S. dollar.
U.S. Federal Reserve Chair Janet Yellen comments to lawmakers were inconclusive and suggested that the central bank is in no hurry to increase rate in the near future. Yellen also stressed that the U.S. economy still needs monetary policy support.
In addition, China’s official estimate for the second quarter GDP growth was 7.5%, higher than expected 7.4% increase. The news lifted resource stocks.
Stocks in Review
Adastria Holdings Co Ltd
slipped 0.9% to 2,498 yen after the apparel and accessories retail said net sales in the first-quarter ending in May surged 41.5% to 43.59 billion yen from 30.81 billion yen a year earlier.
Net income in the quarter tumbled 86% to 256 million yen compared to 1.83 billion yen and diluted earnings per share plunged to 10.56 yen from 84.07 yen a year ago period.
Milbon Co., Ltd
gained 0.9% to 3,450 yen after the cosmetics products retailer reported net sales in the first-half ending in June increased 6.5% to 12.17 billion yen from 11.43 billion yen a year ago.
Net income in the quarter declined 6.4% to 1.19 billion yen compared to 1.27 billion yen and earnings per share dropped to 72.68 yen from 76.89 yen a year earlier.
Samantha Thavasa Japan Limited
climbed 7.1% to 878 yen after the fashion accessories and bags reported net sales in the first-half soared 44.6% to 10.32 billion yen from 7.14 billion yen a year ago.
Net income in the period surged 73.5% to 808 million yen compared to 466 million yen and earnings per share jumped to 22.92 yen from 13.21 yen a year earlier.
Treasure Factory Co., LTD
fell 1% to 3,000 yen after the second-hand goods retailer stated net sales in the first-quarter ending in May jumped 16.7% to 2.58 billion yen from 2.21 billion yen a year ago period.
Net income in the quarter climbed 50.4% to 203 million yen compared to 135 million yen and earnings per share soared to 73.32 yen from 48.91 yen a year earlier.