Wacoal posts year-end results for the fiscal year ended March 31
May 12, 2008 - Japan
Wacoal Holdings Corp. of Kyoto, Japan, the world’s largest manufacturer of intimate apparel, reported its year-end results for the fiscal year ended March 31, 2008.
Net sales for the year decreased 0.4 percent on a yen basis to 165.8 billion yen ($1,660.1 million), compared to 166.4 billion yen a year ago. Operating income increased to 13.5 billion yen ($135.6 million) compared with 12.9 billion yen in 2007. Net income decreased 45 percent on a yen basis to 5.0 billion yen ($49.7 million).
Earnings per American Depositary Share (5 shares of common stock) were 175.7 yen ($1.76) on 28,260,000 average ADS shares outstanding compared to 315.9 yen earnings per American Depositary Share with 28,582,000 shares outstanding in the prior year.
As previously announced, the dividend payable for the last fiscal year will be 25.00 yen per share.
Our group (primarily Wacoal Corporation, which is the core operating entity) sought to improve the strengths of its products and endeavored to develop products focused on consumer needs. Sales by business: Textiles and related products accounted for 150,710 million yen, and other products accounted for 15,051 million yen, a 0.2% increase and 6.3% decrease respectively, compared to the previous fiscal year.
Sales by region; Japan accounted for 139,618 million yen, or 84.2% of the entire group’s sales, while the rest of Asia accounted for 4.6%, and Europe and the U.S. together accounted for 11.2%.
Forecast For The Next Fiscal Year:
Factors that could significantly affect the global economy during the next fiscal year, such as the sub-prime mortgage crisis and crude oil prices, have unknown consequences, making it difficult to predict what impact those factors may have on domestic and foreign consumer markets. Nevertheless, we currently anticipate that domestic personal consumer spending will remain at the same level.
Our target for the next fiscal year end is to achieve sales of 183,000 million yen, operating income of 12,500 million yen, pre-tax net income of 11,200 million yen, and net income of 7,000 million yen. These figures include the results of Peach John, which is now a wholly owned subsidiary since January 2008.
The current exchange rate for the U.S. dollar is assumed to be 102 yen to the dollar. However, since the U.S. business constitutes a high proportion of the sales and income of our consolidated results, an exchange fluctuation could significantly affect our consolidated results.
to view more: