45 results overview during the year ended march 31 2005 fiscal 2004 japanese economy showed signs of a recovery on both income and employment fronts in first half due to buoyant capital investment back improved profitability corporate sector despite this there was limited consumer spending while export growth stagnated amid slow down overseas economies as result overall continues be at standstill retailers took bold steps towards rebuilding retail industry diversifying needs by seeking create unique stores venture into new business arenas nonetheless performance many enterprises fell below levels recorded previous unseasonable weather which led slumping sales seasonal items natural disasters such typhoons reduced numbers customer visits whole therefore faced with tough environment isetan group pushed forward implementation initiatives second our three value creation plan commenced specific ini tiatives period included transferring certain managerial departments notably general administration
