Japan-based confectioner Ezaki Glico has forecast an increase in profits in its current financial year after a mixed performance in the previous 12 months.
Ezaki Glico, owner of confectionery brand Pocky, has set a target of a 12.6% rise in net income to JPY3.7bn (US$36m) for the 12 months to the end of next March.
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In its most recent financial year, which ran until 31 March, Ezaki Glico generated net income of JPY3.29bn.
The company’s results for its last fiscal year, issued last week, were mixed. Operating income fell 4.2% to JPY4.54bn, despite a 1% rise in sales to JPY293bn. Ezaki Glico, which has a portfolio that also contains dairy products, convenience food and baby milk, reported a higher cost of sales and said promotional expenses increased.
Nevertheless, the company expects operating income to jump 14.5% to JPY5.2bn in its new financial year. The group has targeted a 5.8% rise in sales to JPY310bn.
Ezaki Glico also last week announced the formation of a venture in South Korea with local candy firm Haitai Confectionery. The two companies will start selling the Pocky brand there next month.
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By GlobalDataPocky is sold in 30 countries and in Europe is sold under the Mikado brand name through a venture with Mondelez International.
