Brother Releases Financial Results for Fiscal Year 2023

Brother Releases Financial Results for Fiscal Year 2023

Brother disclosed the financial results for fiscal year 2023, ending in March 31, 2024.

Sales revenue capped at JPY￥ 822.9 billion, almost the same as last year. Despite lower sales of hardware in printing solutions and sluggish market conditions of Machinery business in Asia, the positive effect of foreign exchange rates offset the gap. On the other hand, business segment profit surges profoundly by 25.1% compared to the prior year to JPY￥ 75.6 billion, which can be attributed to lower logistics costs, higher consumable sales and price adjustments of printing solutions.

Although most segments experienced downturn to different extents, the Printing Solutions segment witnessed rise in all metrics. Sales revenue topped at JPY￥ 514.9 billion, and segment profit reached JPY￥ 62.5 billion. The stable and buoyant demands for consumables contributed to the increase when markets tend to be stagnant in China, the U.S. and Europe.

Brother expects a more challenging fiscal year in 2024 as competition will continuously intensify in the future. Declining print volume, market contraction and recovering supply capacity of other companies will even add to the adversity. Consequently, Brother predicts a slower increase in the following year, forecasting a sales revenue of JPY￥ 880 billion overall and JPY￥ 522.8 billion in the printing solution segment.

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