Summary of Consolidated Financial Results for the 1st Quarter of Fiscal Year Ending February 28, 2019 (Updated July 12, 2018)
◆The number of retail cars sold decreased
The number of retail cars sold at directly managed stores decreased by 3.1% year on year to 31,925. Customer traffic fell due to decreased advertisements in March and April, and changes in sales strategy from mid-April resulted in lower per store retail units and per unit gross profits. As a result, operating profits declined year on year.
Selling, general and administrative expenses increased accompanying an increase in the number of stores. The advertising expenditures for purchasing business declined year on year.
◆Western Australian subsidiary
While the Western Australian new car market remained sluggish, consolidated subsidiary Buick Holdings (DVG) recorded an increase in operating profits attributable to the initiatives taken to improve performance.