TOKYO — Onward Holdings Co. Ltd. said Friday that its net profit for the three months ended May 31 fell 16.7 percent year-on-year, due in part to higher expenses linked to the March 11 earthquake and Japan’s resulting power shortages.
“In regards to the apparel and fashion business, a mood of self-restraint and a cooling of the consumer mindset due to the earthquake have resulted in the continuation of an exceedingly difficult state of affairs,” the company said in a release.
Onward’s net profit for its fiscal first quarter totaled 2.16 billion yen, or $26.34 million at average exchange rates for the period. Operating profit grew 4 percent to 4.68 billion yen, or $57.07 million.
Net sales for the quarter dropped 4.8 percent to 61.36 billion yen, or $748.60 million.
Onward, which owns Italy’s Gibo’ as well as the Jil Sander fashion house and a host of other apparel assets, has left its first-half and full-year forecasts unchanged. For the year ending February 29, 2012, it is expecting a net profit of 3.5 billion yen, up 28.6 percent from the previous year.