Apparel Maker Sanyo Shokai Logs 4,284-M.-Yen Net Loss

Economy

Tokyo, June 30 (Jiji Press)--Major Japanese apparel maker Sanyo Shokai Ltd. <8011> on Tuesday reported a consolidated net loss of 4,284 million yen for March-May.

The company booked extraordinary losses of 1.27 billion yen for allowances to sales staff and other costs as a result of prolonged closures of department stores, its main avenue of sales, following the government’s state of emergency over the novel coronavirus epidemic.

Sanyo Shokai’s operating loss stood at 2,850 million yen.

While no direct year-on-year comparison is available due to a change in the firm’s accounting period, Sanyo Shokai had a net profit of 4 million and an operating profit of 245 million yen in January-March 2019.

The company’s consolidated sales in March-May this year, the first quarter of its current business year, stood at 5,753 million yen, around 60 pct lower than in January-March 2019.

[Copyright The Jiji Press, Ltd.]

Jiji Press