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JVC’s CE Sales Up 7% For Half

Faced with declining sales in the Americas due primarily to the U.S. economic slowdown, JVC still increased overall volume in its consumer electronics division 6.9 percent during its fiscal first half ended Sept. 30. The division recorded consolidated sales of $2.55 billion, compared with $2.39 billion in the same six months in 2000.

At the same time, JVC reported DVD player sales showed particularly strong growth in the Americas during the first fiscal half, while sales of DVCs underperformed the previous year’s first half in the Americas.

Outlining its priorities for the second fiscal half, JVC is calling for a substantial increase in sales of high value-added products such as digital types. At the same time, it is working to reduce costs by narrowing its list of suppliers, centralizing purchasing functions and expanding use of Chinese components.

JVC is forecasting consolidated sales of $7.88 billion for its full fiscal year ending March 2002, about a 1 percent increase over the previous year’s sales.

The company’s consolidated net loss is expected to rise to $241.7 million over the complete fiscal year, up $262.5 million from the $20.8 million gain registered in the previous 12 months.

Overall consolidated JVC sales climbed 3 percent. to $3.81 billion in the fiscal first half, compared with $3.69 billion recorded in the same six months of 2000. The company’s net loss increased to $170.1 million in the first six months, up from a $47.3 million loss in the same time last year.