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In between two trips to Japan in 7 days Sony Australia boss Carl Rose has told ChannelNews that he believes that the strength of the Sony brand will help his Company over the next 12 months. He also said that he believes that the consumer technology industry will not witness the declines that some other markets like travel and automotive will experience over coming months.
“I tend to support the theory that Australian consumer will cocoon themselves in their homes as they weather the financial storm. Between now and Xmas I do not believe that we will see a significant downturn however after Xmas no one knows. The retailers who are in a far better position than I am to gauge the market are saying that they expect good sales of consumer electronics between now and Xmas and that to date they have seen little softening in the sale of flat panel TV’s” he said.
 Carl Rose Managing Director Sony Australia |
“In this downturn Companies that spend on their brand will do better than others. We have a strong brand and I believe that it will be the strong branded vendors who will hold onto market share going forward. Right from the top in Sony you will see investment in the brand and new products. And it is this investment that will help us weather the financial storm ahead”.
Globally Sony is seeing sales battered as worried consumers in the U.S. and Europe curtailed shopping for flat-panel TVs, digital cameras and other gadgets, however in Australia retailers like JB Hi Fi are forecasting growth of over 20%, they are also continuing with the opening of new stores.
A big problem for Sony globally is the plunging dollar and the decline in the euro and British Pound. This is eroding Sony’s massive overseas earnings when converted back into yen.
Sony, which makes Walkman portable music players and PlayStation 3 game consoles, has been revamping its core electronics sector, dropping unprofitable businesses and wiping out losses in its game division, under Chief Executive Howard Stringer. But that gradual recovery appears to be endangered by the global financial crisis and accompanying economic slowdown.
“Prior to the downturn we were in good shape. Under Stringer problem divisions had been turned around and we delivering the right products for the market. Where we go from here is anyone’s guess. At the top there is an excellent management team in place and in Australia we have a strong and focused team working on our business models” said Rose.
According to Reuters Sony is forecasting a US$215.2 million profit for the July-September period, down 72 percent from a year ago. Sales are expected to inch down 1 percent year on year to US$21.2 billion.
Last week, Sony slashed its profit forecast for the fiscal year through March 2009 to US$1.5 billion, marking a 59 percent nosedive from the previous year.
The year-end shopping season is critical for Sony, and the rapid price drops of liquid-crystal display TVs and other gadgets from global competition threaten Sony’s performance. Sony has been investing in display production and making Sony BMG, its music unit, a fully owned subsidiary. How PlayStation 3 and PlayStation Portable fare with Christmas shoppers against rival offerings will also serve as a test for Sony. Microsoft has slashed prices to boost sales of its Xbox 360 machine, and Nintendo Co. has a big hit in its Wii and DS.
