Sharp net sales down 8.1%

August 5, 2022

The company has released its consolidated financial results for the first quarter of fiscal year 2022.

Sharp recorded net sales of ¥562.1 billion ($4.23 billion/ €4.13 billion) for the first quarter of FY2022, a decrease of 8.1% year-on-year. Operating profit was down 66.7% year-on-year, at ¥6.1 billion ($46 million/ €45 million), but bottom-line profit was up 24.3% year-on-year, ¥26.9 billion ($202 million/ €198 million). Sharp said that this was “mainly due to a difficult business environment, including the rapid depreciation of the yen, the lockdowns in China, and the situation in Ukraine.”

Net sales for the 8K Ecosystem segment, which includes Sharp’s printers, net sales were slightly up (1.7%), at ¥139.8 billion ($1.05 billion/ €1.03 billion). Sharp said that the MFP business experienced significant sales growth in Japan, the Americas and Europe. Operating profit for the business segment was positively influenced by an increase in MFP business sales and recovery of print volumes in offices.

For its full-year forecast, Sharp upped the forecasted net sales to ¥2,700 billion ($20.29 billion/ €19.84 billion), up 8.2% year-on-year but expects profits to be down significantly.

Categories : City News

Tags : Business Financials OEM Sharp