TOKYO — Japanese apparel giant Onward Holdings Co., Ltd. saw lower sales in the nine months ended Nov. 30 but swung back into the black for the period.
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Onward said Friday it posted a net profit of 2.69 billion yen, or $28.5 million at average exchange rates, for the nine-month period. Last year, the company registered a net loss of 9.69 billion yen, or $93.3 million, during the period, which it blamed on its investments in other companies.
Onward said consumers’ sluggish demand for apparel drove sales down 8.8 percent to 187.84 billion yen, or $1.99 billion. The company’s assets include manufacturing and import operations, Joseph LTD, the Jil Sander fashion house and Italian firm Gibó.
Operating profit dropped 50.8 percent to 6.37 billion yen, or $67.4 million.
The company’s sales in Japan fell 12 percent to 155.15 billion yen, or $1.64 billion. Sales in North America and Asia dropped 19.4 percent to 5.27 billion yen, or $55.8 million.
Onward warned that it expects a tough last quarter of the year. The company said it sees net profit for the year ended Feb. 28 to come in at 2 billion yen, or about $21.4 million. The previous year, it posted a loss of 30.9 billion yen, or $306.5 million.
The company said it expects full-year sales to be 5.1 percent lower at 247.6 billion yen, or $2.65 billion.