TOKYO — Japanese apparel giant Onward Holdings said Friday that its net profit for the nine months ended November 30 grew by 6.4 percent to 4.64 billion yen, or $58.09 million at average exchange rates for the period.
The company benefitted from a low comparable base for net profit. The previous year's nine-month net profit slid 7 percent on a series of expenditures, including some related to the March 2011 earthquake.
Nine-month operating profit fell by 5.9 percent to 10.70 billion yen, or $134.12 million, due largely to a high comparative base the previous year that stemmed from cost-cutting and sales promotion activities.
Net sales for the nine months increased by 4.9 percent to 191.37 billion yen, or $2.4 billion.
Onward Holdings said that its chief group companies in Japan all performed well and in accordance with plans, achieving increases in both sales and profit. Internationally, however, the company experienced more difficulties.
"Deterioration of the economic environment in Europe and Asia, as well as uncertainty regarding political circumstances and deceleration of consumption, led [international] sales to fall well below projected amounts and performance to worsen," the release said.
Onward left unchanged its outlook for the twelve months ending February 28. It expects net profit will jump 41.7 percent to 5 billion yen, or $56.73 million at current exchange rates. Onward predicts sales will increase by 10 percent to 266.6 billion yen, or $3.02 billion.