Panasonic Appliance Sales Up, Gross Sales Down May 11, 2012

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Panasonic Corp. reported financial results for its 2012 fiscal year, which ended March 31, 2012, including a 3% increase in appliance sales but a 10% decrease in overall gross sales.

Steady sales of washing machines and microwaves helped the Panasonic appliance business increase sales 3% to 1,534.2 billion yen (approx. US$19.2 billion) from 1,482.9 billion yen in fiscal 2011. Operating profit was 81.5 billion yen (approx. $1.0 billion) compared to 84.0 billion yen in fiscal 2011. The decrease was attributed to higher raw materials costs.

Automotive was the only other Panasonic business segment, out of six total, to report an increase in sales. Panasonic business units with sales declines included AVC networks (sales down 21%), hurt by sales declines in flat-panel TVs and digital cameras.

With the global economy expected to continue a slow recovery in fiscal 2013, Panasonic expects its recent structural reforms and reorganization to show results in fiscal 2013. It expects overall sales to by up 3% from fiscal 2012 to 8,100.0 billion yen and expects operating profit to be 260.0 billion yen (which it said would be a 495% increase from fiscal 2012).

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