San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Matsushita Electric Industrial, marketers of the Panasonic brand, reported an 86 percent increase in net income in its fiscal first quarter, with CE products leading the way.
Despite a sluggish economy, world economy net income increased 86 percent during its fiscal first quarter, ended June 30, to $677.8 million while operating profit soared 48 percent to $1.01 billion, the company reported.
Matsushita's digital A/V network unit helped drive profitability, with operating profit up 41 percent to $510.6 million, the company said.
The segment posted a sales increase of 5 percent to $9.06 billion, with sales of video and audio products growing 16 percent compared with last year's first quarter.
Strong flat-panel TV sales, favorable sales in digital cameras and DVD recorders were cited by the company. Information and communications equipment sales were down 3 percent due to sluggish sales in automobile electronics equipment.
In its home appliances segment Matsushita's sales were up 1 percent to $3.18 billion with refrigerators cited as being a strong category. Home appliance profits were up 75 percent to $292.5 million.
Corporately, Matsushita reported that first-quarter sales decreased 4 percent to $19.9 billion because sales of Victor Company of Japan (JVC) were included in last year's first-quarter totals but were not included this year.