• FY net income surges 148.2% to JPY6.91bn
  • Sales increase 3.8% to JPY171.90bn
  • Net income for next fiscal seen increasing 9.9%

Japanese lingerie firm Wacoal Holdings has today (15 May) posted a 148.2% hike in full-year profits, on the back of higher sales in its branded business and improved profitability in its Japanese subsidiaries.

For the fiscal year ended 31 March, the company said net income attributable to Wacoal Holdings Corp was JPY6.91bn (US$86.5m), compared with JPY2.79bn the same period last year. Operating income increased 135.8% to JPY10.34bn thanks to higher sales and lower costs.

Sales rose 3.8% to JPY171.90bn, mainly due to the expansion of the Wacoal brand, Peach John mail order unit and Chinese business.

During the year, Wacoal restructured its Japanese business and made efforts to develop its overseas business, mainly in China.

Looking forward, the company says the outlook remains uncertain due to power shortages following last year's Fukushima nuclear crisis, despite signs of gradual recovery in the Japanese economy.

"However, we plan to ensure the implementation of our mid-term plan (from fiscal 2011 to fiscal 2013)...and make fiscal 2013 a year to build the foundation for our growth strategies under the next mid-term plan," the company said.

It expects net income of JPY7.60bn for the next fiscal year, an increase of 9.9%, while sales are seen rising 7.6% to JPY185bn.