The company, which has not made a profit since1992, had operating income of ¥1,659 million ($14.18 mm) for theFY ended Jan. 20, 1997 but extraordinary losses from earlyretirement benefits of ¥2,891 million ($24.7 mm), writedowns of¥600 million ($5.13 mm) for doubtful receivables in Japan and¥749 million ($6.40 mm) for the write-off of Founders Clubpushed the company into the red.

Pressure from foreign brands continues tokeep sneaker sales well below their 1993 peak of ¥81.8 billion.Sneaker sales rose marginally to ¥62.0 billion ($529.9 mm) from¥59.4 billion prior, reflecting a 4 per cent decline in Japan to¥31,611 million ($270 mm) and a ... Log in to view full article.