Wacoal reported a mixed set of results recently with its sales and net profit declining but operating profit increasing. The company’s net sales in the year to March 31 dipped by 0.1per cent to ¥195.572 billion, while operating income was up by 13.3per cent to ¥12.534 billion. Its net income however declined by 22.2per cent to ¥9.745 billion.

While the decline in overall sales was slight, Wacoal’s domestic business declined by a larger 2per cent due to a tough environment for wholesale. But consolidated sales from overseas markets rose 7per cent due to e-tail strength and steady comparable sales in Europe, the US and China. The increase in operating profit came on the back of initiatives to improve profitability in the domestic business and the rising sales in the overseas ops, as well as from various one-off effects.