Zett Sales and Profits Fall in FY20
Zett slipped into the red in its final fiscal quarter ended Mar. 31, losing ¥21 million ($0.2 mm) against a profit of ¥362 million last year, as sales slumped 5% to ¥10,610 million ($97.4 mm) from ¥11,135 million. Gross margin was a skinny 18.6%, down 60 basis points, and SG&A was reduced by 1%, but deleveraged 70 b.p. Sales in the home market declined when the pandemic closed schools and club activities in Mar., but distributor orders were stable. Full year net income dropped 71% to ¥209 ... Log in to view full article.