TOKYO — Onward Holdings Co. Ltd. reported its net profit for the three months ended May 31 increased 30.4 percent year-over-year. The Japanese apparel giant credited a low comparative base, strong sales and the implementation of a three-year management plan aimed at increasing profitability.
Net profit totaled 2.82 billion yen, or $34.7 million at average exchange rates for the period. During the same three months last year, the company’s net dropped 16.7 percent.
Operating profit grew 32.9 percent to 6.22 billion yen, or $76.6 million.
Sales for the quarter were up 10.1 percent to 67.58 billion yen, or $832.6 million. The company’s assets include manufacturing and import operations, Joseph LTD, the Jil Sander fashion house and Italian firm Gibó.
“Regarding our domestic business, we continued to restructure our existing projects while shifting personnel to new businesses and strengthening others … to increase profitability and expand our operations,” the company said in a release.
Onward left unchanged its outlook for the 12 months ending Feb. 28.
It expects net profit to increase 41.7 percent to 5 billion yen, or $62.6 million at current exchange rates. The company sees operating profit rising 26 percent to 13.8 billion yen, or $172.8 million.
It forecasts sales will grow 10 percent to 266.6 billion yen, or $3.34 billion.