Sony Consumer Tech Has Loss on COVID-19 as Annual Sales May Fall
Sony's core Electronics Products & Solutions (EP&S) consumer tech sector “was impacted by the spread of COVID-19 earlier and more significantly than any other segment," said Chief Financial Officer Hiroki Totoki Tuesday. It swung to a 9.1 billion yen ($85.8…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
million) operating loss in Q1 ended June 30 from a year-earlier profit. EP&S sales declined 31% to 331.8 billion yen. It’s forecasting a 6% fiscal year sales decline. The EP&S supply chain “has almost fully recovered” from disruptions after widespread instability through late June (see 2006290041), said Totoki. Though “progress varies” by product category and region, customer demand “is beginning to recover as well,” he said. EP&S is bracing “for potential second and third waves of COVID-19,” he said. It’s “transforming the structure of this business into a more resilient” organization, he said: It plans an “overhaul” of operations and “enhancement” of e-commerce distribution channels.