Kikkoman, the Japanese food group, has reported a fall in first-quarter sales, dented by a decline in revenue in its home market.
Despite the reduction in sales, Kikkoman saw profits rise in the three months to the end of June.
Go deeper with GlobalData
Kikkoman maintained its forecasts for lower annual sales but higher full-year profits.
In its first quarter, Kikkoman booked a 2.1% decrease in net sales to JPY98.86bn (US$979.7m). The company said there had only been “a limited recovery” in Japan’s economy during the period and it reported lower sales from its domestic food manufacturing and sales division. Kikkoman said it saw “good sales” from its soy sauce business.
Overseas, sales in local currencies increased, with Kikkoman pointing to higher revenues from its soy sauce in North America, Europe, Asia and Oceania. However, the group felt an impact from foreign exchange rates due to the higher yen.
See Also:
Group operating income inched up 0.8% to JPY8.5bn. Net income almost doubled to JPY11.07bn, helped in part by a lower tax bill.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFor the full fiscal year, which will run until the end of March, Kikkoman expects net sales to fall 2.1% to JPY198.5bn. Operating income is forecast to drop 4.4% to JPY16.2bn. Net income is estimated to increase 75% to JPY14.5bn.
