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Ricoh sees falling sales due to COVID-19

Ricoh sees falling sales due to COVID-19

August 4, 2020

The company has released its consolidated financial results for the first quarter FY2020, recording a year-on-year decrease in sales of 26.2%.

Ricoh announced its first quarter results, recording ¥352.3 billion ($3.33 billion/ €2.82 billion) in sales overall, a year-on-year change of 26.2%. Profits were down 33.8% year-on-year at ¥122 billion ($1.15 billion/ €976.34 million).

In its Office Printing segment, revenues were down due to sales activities were constrained due to lockdowns and other factors, with hardware revenues declining. Due to COVID-19 restrictions in place, numbers of workers going to their offices plummeted, particularly in Europe and US, with office output falling, Ricoh added. Office attendance rate and print volumes recovered after bottoming out in April and May.

In the reporting period, hardware sales dropped 31% while non-hardware sales were off 33% year-on-year. Ricoh said that there were signs of a recovery from June, when lockdowns and social distancing eased.

Overall Ricoh forecasts full year sales to be ¥1,780 billion ($16.81 billion/ €14.24 billion), a decrease of 11.4% year-on-year. The company said it expects the recovery to be slower than initially expected from the COVID-19 impact.

Categories : City News

Tags : Business Financials OEM Ricoh

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