(Filed Under Financial and General Interest News). Wacoal reported “weak over-the-counter sales at department stores” in the U.S. for the quarter ended June 30, which led to a decrease in operating income. Exact details of the performance in this country was masked by the fact that the international firm combines the results for different continents in some of its reporting.
Total global sales for the Japan-based intimates giant fell 4.2% in its fiscal first quarter while net income plummeted 81.0%
“Sales from our domestic business [Japan] remained at about the same level as such sales for the corresponding period of the previous fiscal year due to an increase in revenue from Wacoal Corp.; revenue from our overseas business decreased by 8% as compared to such revenue for the corresponding period of the previous fiscal year due to weak sales in the United States and Europe” as well as declines in other international business segments, including China and Oceania, the company reported.
Overall, Wacoal reported net income of 1,192 million yen (about $11 million at current exchange rates) on sales of 47,313 million yen (about $444 million) in the quarter, compared to a profit of 6,289 million yen (about $59 million) on sales of 49,373 million yen (about $464 million) in the same period last year.
For the combined territories of Europe and North America, sales fell 9% from 9,059 million yen (about $85 million) to 8,263 million yen (about $78 million) in the quarter. Operating income plunged 30%, from 1,602 million yen (about $15 million) to 1,117 million yet (about $11 million). — NM
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