Sales were steady until the first half of April, but fell sharply from the second half onward owing to the reissuance of the state of emergency declaration. This, combined with the impact of the withdrawal from unprofitable businesses and the closure of underperforming stores in Japan and overseas in FY02/21 resulted in limited sales growth.
As for profits, the global business reforms kicked off in the fall of 2019 yielded results, with a 3.5pp improvement in gross profit margin and a 3.3pp decrease in SG&A expenses. As a result, the Company returned to profitability at all profit levels, with operating profit of approximately 1.1 billion yen, recurring profit of approximately 2 billion yen, and net income of approximately 2.1 billion yen.
By Group company, Onward Kashiyama (nonconsolidated), Domestic Subtotal (excl. Onward Kashiyama), and Overseas Total all achieved operating profit thanks to progress in business reform, digitization, and other growth strategies. As of the end of Q1 FY02/22, the Company completed business reforms at its Italian operations, which had previously suffered large operating losses among its overseas businesses.
1 EBITDA = operating profit + depreciation and amortization
2 Figures for Q1 FY02/21 have been adjusted to reflect the new revenue recognition standard used in Q1 FY02/22 Adjustments: +1,066 million yen for sales, +1,566 million yen for gross profit and SG&A expenses, respectively
3 Unadjusted figures for Q1 FY02/21 correspond to the Q1 FY02/21 figures as shown in the Summary of Financial Results for Q1 FY02/22
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Onward Holdings Co. Ltd. published this content on 26 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2021 06:07:05 UTC.
ONWARD HOLDINGS CO., LTD. is a Japan-based holding company mainly engaged in the planning, manufacturing and sales of textiles such as men's and women's clothing. The Company operates in two business segments. The Apparel-related segment is engaged in the design, manufacture and sale of clothing and others. The Lifestyle-related segment manufactures and sells dance goods, pet fashion products, and garbage goods, operates and manages resort facilities, and plans, designs and constructs commercial facilities.
ONWARD HOLDINGS CO., LTD. 
