Olympus released the full fiscal year report. Overall the company revenue grew 4% despite the Covid 19 outbreak. Olympus says:
Excluding this impact, both revenue and operating profit were in line with forecasts
In the Imaging Business:
Revenue Declined 8% due to difficult business environment, lack of new products in 1H caused by the restructuring of manufacturing bases, and COVID-19 impact in 4Q. Operating loss decreased due to absence of restructuring expenses recorded last year and improved SG&A efficiency.
Olympus also saw “a solid start of new product “OM-D E-M1 MarkIII”introduced in 4Q“. Regarding the forecast for the Imaging Business Olympus writes:
Some dealers are moving toward resuming business but still many regions are under severe outing restrictions. Online marketing (such as utilizing SNS) will need to be strengthened
Expect demand in end consumer market to take more time
In the digital camera field of the Imaging Business, if the market contracts more sharply than anticipated, the Olympus Group may be unable to adequately counter the resulting sales decline with the restructuring measures currently implementing, and this may adversely affect the Olympus Group’s earnings.
43rumors note: Call me crazy but I expected worse results. On a less optimistic note….I believe the upcoming year will be terrible too in terms of sales. Future Covid-19 outbreaks will create future mess in production and distribution.