Descente Net Declines on Charges, Spending
The Japanese company saw comprehensive net income drop 87% for the fiscal year ended Mar. 31 to ¥1,232 million ($11.2 mm) from ¥9,576 million on 1% higher sales of ¥142,443 million ($1,292.6 mm) up from ¥141,124 million. Excluding a ¥6 billion negative swing in foreign currency translation and other comprehensive items, net income was off 32% to ¥3,944 million. Gross margin was up 20 basis points to 55.8% and SG&A expanded by almost ¥3 billion, or 150 b.p. as a percentage of sales. The year’s results also included a ¥1,817 million charge for impairment of Inov-8 goodwill and other assets ... Log in to view full article.