Descente Sales Slide in First Quarter
Comprehensive net loss narrowed to ¥306 million ($2.8 mm) against a loss of ¥1,306 million in the fiscal first quarter ended Jun. 30 as sales dropped 4% to ¥29,479 million ($268.2 mm) from ¥30,776 million. Excluding foreign currency translation and other comprehensive items, the bottom line was down 64% to ¥354 million from ¥975 million. Gross margin expanded 130 basis points to 58.6% but SG&A was up ¥433 million, deleveraging 380 b.p. as a percent of sales. Sales were down 7% in the home Japan market to ¥10.8 billion and fell 3% to ¥18.1 ... Log in to view full article.