Panasonic to abandon 10 trillion yen 2019 sales target: Nikkei

Japanese electronics maker Panasonic will scrap its 10 trillion yen ($88.93 billion) group sales target for fiscal year ending March 2019 due to a cooling global business environment, the Nikkei reported.

The company is now targeting sales of about 9 trillion yen, but hasn't set a target date yet, the Japanese business daily reported.

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Panasonic will also split its operations into two businesses and assign a sales target for each, according to the report.

The consumer products segment -- which includes the automotive, residential and white goods divisions -- has been set a target of 6 trillion yen in annual sales, while its business-to-business segment will have an annual sales target of 3 trillion yen, the Nikkei reported.

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Panasonic had in February cut its full-year sales target to 7.55 trillion yen from 8 trillion yen, citing concerns over slowing economic growth in China.