Japanese clothing company Onward Holdings' FY21 sales fall to ¥174 bn

28 Apr '21

1 min read

Pic: Kashiyama

Onward Holdings, a Japanese manufacturer of clothing for men and women, reported 30 per cent sales decrease to ¥174.3 billion (Japanese Yen) in its complete fiscal 2021 ended on February 28, 2021, compared to ¥248.2 billion in the same period prior fiscal. The company’s net loss for the year reduced to ¥23.1 billion (FY20: ¥52.1 billion).

Gross profit during FY21 fell to ¥69.7 billion (¥112.7 billion), while selling, general and administrative expenses were ¥90.0 billion (¥115.7 billion). The company’s operating loss were ¥21.2 billion (¥3.8 billion). E-commerce sales for the year grew substantially to about ¥41.6 billion.

“In FY22, the company plans to utilise new sales methods that integrate physical stores with e-commerce and implement initiatives to advance the customisation field in the apparel business. In addition, we will step up group synergies in the lifestyle business, including by leveraging loyalty card membership programmes,” the company said in a press release.

Sales of Onward Kashiyama dropped to ¥79.1 billion (¥128.0 billion). Domestic sales (excluding Kashiyama) slipped to ¥66.9 billion (¥74.5 billion), whereas overseas sales fell to ¥39.5 billion (¥56.1 billion).

Fibre2Fashion News Desk (JL)

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