Pioneer’s Q1 Net Loss Widens On 3.8% Sales Decline

Pioneer’s fiscal Q1 net loss widened 20.3 percent to $20.1 million ($1 = 124 yen) on a 3.8 percent sales decline to $872.8 million, the company said in a Wednesday announcement. It attributed much of the sales decline in the quarter ended June 30 to last year’s transfer of the Pioneer home AV business to Onkyo and a private equity firm (see 1406260035). Sales in Pioneer’s core car electronics business grew 5.4 percent in the quarter. Sales of car audio products increased, though overall car aftermarket sales declined, despite higher sales in North America. OEM sales were 62 percent of total car electronics sales in Q1, compared with 56 percent a year earlier, Pioneer said.