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Next, we will look at the financial results of the Tokyu Hands segment and of the Business Innovation and Others segment for the fiscal year ended March 31, 2015.
The Tokyu Hands segment achieved an increase in revenue by launching new stores in Kyoto, Kagoshima, Nagano, and Okayama in addition to stores in Jurong East and in Orchard in Singapore. However, it experienced a decline in income stemming from the burden of the costs to launch these stores.
The Business Innovation and Others segment increased both revenue and income following growth in the bulk sales of real estate.
Now we will look at the forecast of the Tokyu Hands business and the Innovation business segment, which was originally called the Business Innovation and Others segment, for the fiscal year ending March 31, 2016.
As a result of segment revisions, the acquisition and resale business and new businesses operated by the Business Innovation Division of Tokyu Land Corporation have been transferred from the Business Innovation and Others segment. The contracted welfare services operated by EWEL, Inc. have also been transferred from the Business Innovation and Others segment to the Wellness segment. The financial results figures for the fiscal year ended March 31, 2015, used for the purpose of comparison, are estimated figures that reflect these segment changes.
With the launch of new stores, the Tokyu Hands segment expects to see operating revenue rise ¥7.4 billion year on year to ¥95.4 billion. Operating income is also expected to rise ¥0.3 billion year on year to ¥1.2 billion.
With revenue expansion in overseas business, operating revenue for the Innovation business segment will rise ¥17.3 billion year on year to ¥64.8 billion. Operating income will also rise ¥3.0 billion year on year to ¥2.5 billion.
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