FY ended March 31, 2014
In the consolidated fiscal year under review (April 1, 2013 to March 31, 2014), with regard to the economic climate, Japan experienced a mild economic recovery on the back of improved corporate earnings, and the North American economy, too, tended to pick up moderately thanks to strong individual consumption. In Europe, the economic slump continued in Southern Europe but signs of recovery were observed in the euro zone as a whole. Meanwhile, economic expansion slowed down in emerging markets including China.
Amid these circumstances, looking at the sales in the Electronic Musical Instruments Business by product, sales of stage pianos and professional video equipment were robust, increasing year on year. Also, as initiatives in new fields, new products were introduced into the dance market and made a good start. Meanwhile, sales of drums, pianos, and guitar effects, which are mainstay products, fell year on year due to the impact of the sharp drop in sales of existing products during the first half of the fiscal year, even though a recovery trend was observed in some areas from the second half of the fiscal year.
By region, sales of some products increased before the consumption tax hike in Japan but declined year on year. In North America and Europe too, although signs of recovery were observed in some areas, sales decreased year on year. In other regions, although sales decreased in South America due to an economic recession, sales in Australia increased slightly year on year, and sales in Asia increased year on year thanks to a strong performance.
As a result, despite virtually declining year on year, net sales increased by 8.4% year on year to ¥43,258 million due to the impact of the depreciation of the yen. Operating income amounted to ¥1,370 million (from an operating loss of ¥2,094 million for the previous consolidated fiscal year) due to personnel cutbacks implemented at the end of the previous fiscal year as part of business structural reforms, as well as the impact of the depreciation of the yen, and other factors.