San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Sales in Mitsubishi Electric's home appliance segment, which includes consumer electronics, increased 12 percent in the company's fiscal first quarter, hitting $1.6 billion, up from $1.5 billion in the year-ago period.
Operating income for the home appliance segment dropped dramatically, however, in the three months ended June 30. Due to price declines, Mitsubishi said, operating income moved down to $40.9 million, compared with $108.2 million in the same three months in 2002.
Faced with a slowing global economy and a business environment that continues to be severe, Mitsubishi said, consolidated sales in the first three months edged upward 2 percent, reaching $6.2 billion, compared with $6 billion year-on-year.
Overall operating income climbed 16 percent, however, hitting $74.4 million in the first quarter, up from $64.2 million in the same quarter a year earlier. Net income dropped to $5.5 million in the three months, compared with $7.1 million in the fiscal first quarter of 2002.
Although the recovery in demand overseas remains unforeseeable as the harsh business environment is expected to continue, said Mitsubishi, the company's current six-month forecast remains unchanged.
It anticipates sales of $12.5 billion for the six months ending Sept. 30, an 8 percent decrease, compared with the same period in 2002.
Operating income is expected at $41.6 million for the six months, a 78 percent decrease year over year. Anticipated net income is nil, the company said.