TOKYORakuten Inc. reported net profit for the first quarter of its fiscal year fell 17.3 percent on increased expenses and a poor economic climate.

For the three months ended Mar. 31, Japan’s largest online shopping company posted a net profit of 11.75 billion yen, or $101.71 million at average exchange rates for the period.

The company’s first-quarter operating profit dropped 21 percent to 22.93 billion yen, or $198.61 million. In a release, Rakuten said the decline in income was “chiefly affected by increased expenses due to aggressive sales activities and the worsening stock market.”

Revenue grew 13.5 percent versus the year-ago quarter, totaling 180.3 billion yen, or $1.56 billion.

Rakuten said it is making efforts to boost revenue growth in its domestic e-commerce services. Measures include “programs with the aim of improving customer satisfaction, aggressive sales activities and strategies to open up the Rakuten ecosystem and enhanced services for smart devices (smartphones and tablet devices).”

Internationally, the company said its results are on track for improvement thanks in large part to steady growth of its U.S. subsidiary Ebates.

Rakuten did not release exact forecasts for the year ending Dec. 31, but said it aims for double-digit growth of consolidated revenue from fiscal 2015.

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