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Ricoh sees sales decline 16.3% in 2020

May 7, 2021

The company has released its full year 2020 consolidated financial results, recording a year-on-year decrease in sales of 16.3%,

Consolidated sales for fiscal 2020 decreased 16.3% from a year earlier, to ¥1,682.0 billion ($15.41 billion/ €12.76 billion). In the Office Printing, hardware sales were down owing to lockdowns and other constraints that hampered sales activities. Non-hardware sales also dropped amid declining office attendance rates among customers, primarily in Europe and the Americas. Those effects peaked in April and May 2020, leading to a gradual recovery from June, Ricoh said.

Domestic sales in Japan thus dropped 13.7% from a year earlier. In the Americas, sales were off 27.6%, primarily in Office Printing. Ricoh explained that key factors were stagnating sales and deliveries from lockdowns and behavioural restrictions, as well as falling print volumes from customers closing offices.

In Europe, the Middle East, and Africa, sales were off 9.9%. Although Office Service sales rose on IT services expansion from more robust sales and service systems, including from acquisitions in the previous fiscal year, Office Printing sales decreased by the same reason as the Americas.

Sales in other regions decreased 10.0%, largely because of Office Printing declines. Overseas sales therefore dropped 18.2% from a year earlier.

Office Printing sales were down 19.5%, to ¥815.8 billion ($7.47 billion/ €6.19 billion) in fiscal 2020. Sales of hardware and related consumables were off due to the pandemic, with lockdowns and other restrictions causing sales and deliveries to slump, while print volumes were down amid declining office attendance rates, particularly in Europe and the Americas.

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