In Japan, Onward said that it had seen success with new sales channels, including its online business.
The company also said that despite an aggressive international expansion plan, apparel sales outside of Japan had fallen far short of its forecasts. It attributed this to a rapid deceleration in consumer spending brought on by a deteriorating global economy and political uncertainties.
Onward also released its guidance for the current fiscal year, ending Feb. 28, 2014. The company expects net profit will grow 11 percent to 5 billion yen, or $52.75 million at current exchange rates. It predicts operating profit will increase by 15.3 percent to 12.9 billion yen, or $136.10 million. Onward is forecasting a 5.7 percent sales increase for the year, with net sales to total 273 billion yen, or $2.88 billion.