Tokyo Lifestyle Co. Ltd. has released its financial results for the fiscal year under review, reporting net sales of 24.37 billion yen, reflecting a 4.8% decrease year-on-year. The company's operating income was recorded at 221.23 million yen, down 6.4% from the previous year. Ordinary income saw a significant decline of 92.5%, totaling 24.51 million yen. The challenges faced by the company include labor shortages, rising raw material prices, and soaring energy costs, which have impacted economic activity in Japan. Despite these challenges, there was a recovery in business activity and a pick-up in consumption due to continued policy support for economic recovery. In China, economic growth stabilized with signs of economic policy recovery, although external demand decline and geopolitical risks persisted. The company also received a decision to correct the main consumption tax and levy an additional tax for underpayment following a consumption tax audit covering the period from July 2018 to December 2021.
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