Descente Sales Drop in All Regions, Categories
Net loss in the fiscal third quarter ended Dec. 30 was ¥440 million ($4.0 mm) against a profit of ¥541 million last year on sales that plunged 21% to ¥26,942 million ($247.9 mm) from ¥34,147 million. Gross margin was down 260 basis points to 51.6%, and SG&A spending was down ¥1,774 million but still deleveraged 630 b.p. on the lower top line. Descente maintained its full-year guidance for revenues of ¥130,800 million ($1,203 mm) but slashed its bottom line forecast to a loss of ¥1,000 million ($9.2 mm) from its previous guidance of ¥700 million in net income. Those numbers ... Log in to view full article.