(Filed Under wholesale Lingerie News). First half sales jumped over 65%, and an operating loss from last year turned to a profit for Wacoal International Corp., the division which includes all of North and South America.
The company, which is part of Tokyo-based Wacoal Holdings Corp., stated, “we recorded an operating income of $10.2 million on a local currency basis (1.12 billion yen on a Japanese yen basis)” in the six months, compared to an “operating loss of $8.6 million dollars (0.92 billion yen on a Japanese yen basis) last year. The change was “due to the favorable effect of increased revenue and improved gross profit rate, despite our continued strategic investments to expand our e-commerce business.”
In the six months sales rose to 14,445 million yen (about $126 million at today’s exchange rates), compared to 8,511 million yen (about $74 million) in the same period last year. According to the company, “sales from Wacoal International Corp. (U.S.) on a local currency basis increased by 65.3% (an increase of 69.7% on a Japanese yen basis) as compared to such sales from the corresponding period of the previous fiscal year. Sales from Wacoal America, Inc., which distributes “Wacoal” and “b.tempt’d” brand products, increased by 72.5% exceeding the pre-pandemic level, due to strong sales from our e-commerce website and physical stores at department stores supported by strong recovery in consumer spending.”
“While we faced challenges in attracting customers to our e-commerce website due to the impact of reduced marketing expenses in response to rising costs of social media advertising, sales from Intimates Online, Inc., which distributes the “Lively” brand, increased by 35.7% due to improved purchase rate from website renewal that made it more user-friendly, and sales to Target Corporation.”
Parent company Wacoal Holdings Corp., which sells in Japan, Europe and other parts of the world, reported net income of 2,983 million yen (about $26.0 million) on sales of 87,419 million yen (about $762 million) for the period April 1, 2021 to September 30, 2021, compared to net income of 1,782 million yen (about $15.5 million) on sales of 73,155 million yen (about $638 million) in the same six months last year. — NM
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