TOKYO -- Sanrio, the company behind Hello Kitty, now sees group net profit falling during the fiscal year ending in March for a third straight annual decline amid a drop in sales at bricks-and-mortar stores as more consumers opt to shop online.
The Japanese company lowered its net profit forecast Tuesday to 4.8 billion yen ($42.6 million), representing a 26% decrease from fiscal 2016. Sanrio had projected a 20% rise to 7.8 billion yen. Sales now are expected to dip 4% to 60.3 billion yen, a downgrade from the previously forecast 5% rise.
