Japanese company Gunze Limited has reported a decrease in net sales, which fell by 2.3% year-on-year (YoY) to ¥101.45 billion (approximately $682.16 million) in the first nine months of fiscal 2023 (9M FY23). Despite this decline in sales, the company reported significant growth in profitability. Operating profit saw a robust increase of 28.8% from the previous year, reaching ¥6.17 billion. Similarly, ordinary profit rose by 22.3% YoY to ¥6.09 billion.Profit attributable to owners of the parent also experienced growth, albeit at a slower pace, with a 2.9% increase YoY to ¥3.99 billion, the company said in a press release.
A notable highlight from the report is the performance of Gunze's apparel business. Despite a modest decrease in net sales, which dropped by 1.2% YoY to ¥46.44 billion, the operating profit for this segment soared. The apparel business recorded an operating profit of ¥2.02 billion, marking an impressive increase of 454.8% compared to the same period last year.
Gunze reported a 2.3 per cent decrease in net sales to ¥101.45 billion in 9M FY23, with a significant profit increase.
Operating profit rose 28.8 per cent to ¥6.17 billion, and profit to owners grew by 2.9 per cent to ¥3.99 billion.
The apparel segment saw a 1.2 per cent sales drop but a 454.8 per cent operating profit surge to ¥2.02 billion.#
Fibre2Fashion News Desk (DP)
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