Net income declined 25% to ¥38,443 million ($342.7 mm) from ¥50,964 million in 2017 on foreign exchange losses and higher SG&A despite 4% sales growth to ¥335,800 million ($2,993.3 mm) from ¥322,998 million. Gross margin inched 20 basis points higher for the year, but SG&A expanded 100 b.p., or ¥6 billion. Foreign exchange swung to ¥11 billion of losses against ¥5 billion in gains last year to pull down the bottom line as the Yen strengthened during the year. Comprehensive income, including foreign currency translation adjustments and unrealized gains and losses, increased 56% to ¥54,087 million from ¥34,773 million.

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