Canon Q1 2024 financial reports: “Decline in Imaging sales leads to lower operating profit”

Canon reported a decline in Imaging sales that led to lower operating profit in their latest Q1 financial reports:

"As for the camera market, last year, the aggressive promotions of each company during the selling season fourth quarter expanded unit sales. As a result, we expect the market this year to be down 4% to 5.75 million units.

In the first quarter, unit sales grew, mainly driven by mirrorless cameras like the EOS R50. However, as some of the cameras that we sold in the fourth quarter of last year were still in stock in the market, net sales declined due to reduction in the number of units shipped to optimize market inventory, and sales promotion expenses to promote sell-out of mass retailers.

From the second quarter, in addition to the optimization of market inventory, through the enhancement of our lineup of cameras and lenses, we will further strengthen our EOS R system, stimulating demand for both still and moving images. And by improving our product mix through an increase in our mirrorless camera ratio, we aim to achieve sales growth of 3.7% for the full year."

Source: Canon

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