JAPAN: Ryohin Forecasts 15 Per Cent Profit Slump
Although the company last September projected a 20 per cent rise in group operating profit and a 37 per cent rise in net profit for the year, sales at existing stores have continued to decline about 11 per cent year on year since autumn, partly due to stagnant demand for clothing.
While the gross profit margin is expected to shrink due to lower prices, the ratio of marketing and administrative costs to sales is forecast to rise.
For the first three quarters (March-November), the company posted a group operating profit of 10.1bn yen and a net profit of 4.9bn yen.
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