Interchangeable lens camera sales steady as Canon profits plunge
|Canon calls out the EOS 80D as a driver for strong unit sales in the interchangeable lens camera market.|
Canon Japan reported flat ILC unit sales as one of the bright points in first quarter reports that saw a 17.5% fall in net income. A strengthening Yen, poor performance in the laser printer business and continued decline in compact camera sales combined to give the company a tough quarter.
Overall, digital camera sales are down 12%, due in large part to a 22% decline in the dying compact camera market, though Canon cites its G-series as a bright spot. Interchangeable lens camera sales were flat compared to Q1 2015, propped-up by strong sales of the EOS 80D and gains for the M3 and M10 mirrorless cameras in Asia. Interchangeable lens cameras now account for 49% of total unit sales and 84% of the company's revenue.
While delivering 'flat' numbers might not sound very positive, figures provided by the Camera & Imaging Product Association show a nearly 10% year-on-year industry-wide decline in ILC unit shipments, as well as 17% YoY reduction in SLR shipments. In other words, Canon isn't doing quite as poorly as it may sound just looking at the numbers.
Looking ahead to 2016 as a whole, Canon expects compact camera sales to drop 24%, though more expensive models like the G-series will help protect margins. The company states that it hopes to increase profitability of this line 'through the standardization of parts and other measures.' It also says it expects unit sales of ILCs to fall by 7% across the year. But, while it has slightly lowered its projections for income from its imaging business for 2016, nearly all of the reduction comes from the expectation that the Yen will stay strong, lowering the value of overseas sales.
For more details, have a look at Canon's Q1 2016 financial statement.
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