Dragged down by a weak performance of its wholesale business, Japan based Lapine Company Ltd, which is a designer, manufacturer, seller and retailer of women’s clothing and accessories, reported a slight dip in its sales revenue in the first nine months of the year ended February 28, 2014.
The company, which offers its products under brands such as Lapine Blanche, Lapine Rouge, Pierre Cardin, Madam Joconde, Guest Joconde, La Joconde, Miss J, Vice Versa, witnessed a 3.5 per cent dip in consolidated sales at 8.679 billion yen in the nine months ended November 30, 2013 from 8.996 billion yen in the first three quarters of the previous fiscal.
Sales from the wholesale business fell by nearly 6 per cent to 6.871 billion yen in the nine months FY 2013-14 from 7.307 billion yen in the first three quarters of the previous fiscal as a dip in temperatures weighed on the demand for autumn clothing.
The company’s retail business witnessed a rise in sales of 6.9 per cent to 1.805 billion yen in the nine months FY 2013-14 from 1.688 billion yen in the first three quarters of the previous fiscal as higher promotion activities helped attract new customers.
Consumer spending in Japan is growing at a very sluggish pace as households feel the impact of rising electricity prices on their budget, weighing on the company’s sales.
The company reported a consolidated net income of 442 million yen in the first nine months of the year ended February 28, 2014.
Since the company changed its financial year to the end of February from March 20 earlier, the results of the first nine months FY 2013-14 cannot be directly comparable with the previous nine month period which stretched up to December 20, 2012 from March 21, 2012.