Nikon’s financial results for the first half of the year are out

Today Nikon released their financial results for the first half of the year ending on September 30, 2012. Here are the details for the Imaging Company:

  • Net sales: 381 billion yen (up 56.5 billion yen from same period previous year)
  • Operating income: 41.8 billion yen (down 5.6 billion yen from same period previous year)
  • Nikon sold a total of:
    • 3,450,000 interchangeable cameras (up 720k from same period previous year)
    • 4,770,000 interchangeable lenses (up 840k from same period previous year)
    • 8,260,000 compact cameras (up 400k from same period previous year)

Estimation for Imaging Company for the year ending on March 31, 2013:

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  • AlphaOne

    Wow, that’s a lot of DX cameras and lenses.

    • BT

      Where do you see DX sales numbers?

      DX is not compact BTW. The compact camers are your so called point and shoot that cell phones apparently killed off.

      8 million P&S’s


      • T.I.M

        Wait, Nikon is working on a point & shoot camera that can also make phone calls.

      • Jules M.

        The DX numbers are probably tallied in ” Digital Camera – Interchangeable Lens Type “. After all, aren’t they what the grouping indicates: ‘digital’ and with ‘interchangeable’ lenses?

        • CX, DX, and FX are all in the Interchangeable Lens Type figures.

          • PHB

            Given the huge jump in the numbers – 720K is a big delta, that suggests to me that the lions share is the Nikon 1 line. So they have moved some of their compact buyers upmarket (J1) and got sold quite a few of their DSLR people a sidegrade (V1). The lenses figure will be up for the same reason.

            While there have been lots of new DSLRs, that was necessary just to avoid losing market share. It is quite probable that the D3200 and D5100 have been taking sales from Canon since the previous versions were really not competitive on video and all other things being equal, consumers are going to buy the Canon Rebel with 1080i over the Nikon with 760i even if they have no clue what it means.

            Canon may reclaim some sales from Nikon next year if they launch a mirrorless but at the moment they are clearly on the back foot to Nikon. At this point Nikon has them beat at every product point in the range from the Nikon 1 through to the D4. They also match Canon lens for lens in every respect except for the 80-400 AFS and the lack of a Micro (i.e. magnifying) lens, though that makes most sense on CX rather than F-mount.

            • Andrew


              I would also add the D3100 to Nikon’s sales success since its price of $495 might be at a tipping point for a DSLR camera enabling it to generate massive sales. The question now is whether Nikon will keep the D3100 and D5100 in light of the newer models just like they did with the D90. Keeping all of these cameras will give them great flexibility in their pricing strategy and thus enable them to market affordable models.

          • @PHB: From what I can tell, the big gainers for Nikon in this category were the Nikon 1, and D800. The losers were the D5100 and D300s. All the other cameras seem to be produced to expected levels.

            Not so sure about your Canon comments. First of all, Canon has a mirrorless camera, and it’s already outselling the J1/J2 in countries where they both are available. But Canon has different issues than Nikon at the moment, and it’s unclear yet how they’re going to address them.

            @andrew: Probably wrong. Nikon’s financials report cameras sold from Japan to distribution. Since the D3100 is no longer produced, it wouldn’t show up in the current quarter’s numbers. Worse still, instant rebates on D3100 inventory at NikonUSA would be taking down the average selling price of current cameras, reducing overall profitability. The real issue for Nikon is that lingering inventory like the D3100, J1, V1, and even D5100, means that they end up with lower priced cameras still being sold by dealers that don’t have a financial benefit on the current quarter’s sales. You don’t want that going into the holiday season, as people that buy on price will buy the D3100/J1/V1 and thus not actually trigger a sale that shows on Nikon’s bottom line in a positive way (it shows as a negative due to the instant rebates paid).

            Tech inventory, especially the way the Japanese do it, is tricky. There is one benefit to having out-of-production products on dealers shelves: it looks like the entry price for your products is lower than it really is due to the end-of-life discounting. But this is analogous to automobile model-year cycles: you don’t want too much of that old inventory lingering, as it isn’t very financially productive for anyone, including the dealers.

    • I AM NOT DX

      ….and even more would have been sold if there had been a D400 in the line up.

  • Funduro

    Hey Bob did i tell you why I bought a D700 and not the D800 nor D600 ? Well it’s because . . . . . . . ….

    • Men Cockwell

      … you ran out of funds?

      • Goose

        hahhaah gosh nearly choked on my lunch hahahaa. but hey im doing the same because fund arent enough haha 🙂

  • PoorNikon

    Realize folks that it is our money 🙁
    What I liked most is that Nikon first increased each pro lens by $300-400 and now they give a “discount” of $150 if you buy one of those pro lens + a new body.
    They certainly found the way to recover from tsunami and flood: our wallets!

    And despite all that they produce defective units and don’t say a word 🙁

    • Michael Switzer

      And you must be really pissed that the u.s. government is spending your hard earned tax dollars fixing those defective New Jersey homes and beaches. If you think Nikon is over charging you go out and take pictures with some other tools and stop wasting your time posting here. Poor Nikon indeed.

      • PoorNikon

        Your comparison makes ABSOLUTELY no sense!
        Read again what you wrote.

        • Michael Switzer

          “Realize it is our money.” The first line out of every t-baggers mouth when they complain about how their taxes are spent. Once you give it to Nikon or any other company its not your money, it’s theirs. No one forced you to buy their products, you did it of your own free will. It came from your wallet (“my hard earned money”, or whatever cliche you wish to use) because YOU made that decision. If you don’t think it was a good value then go buy someone else’s gear. Then you can complain about their defects.In any case I doubt you have any Nikon gear so go over to Canon Rumors where they enjoy trolling.

          • mikils

            Well spoken!

      • rhlpetrus

        Th eproblem with the US is that too many people thnk less government is a good thing. That’s why education and other public goods are going down the drain, and the US is loosing the edge they had in previous generations. This is the first generation in the US less educated than the previous one.

        • Alex

          That’s nothing to do with size of government, that’s the education system losing power to unions and political correctness. Parents becoming too dependent on the system for behavioral management. Silly parents negatively reinforce the kids poor performance and bad attitudes. Trust me, employing more politicians is not going to fix the education system. Anyway, this has nothing to do with cameras.

          • Paulo Goulart

            ” that’s the education system losing power to unions and political correctness.”
            LOL, isn’t that a sign of (power)less Government?

            “Trust me, employing more politicians is not going to fix the education system”
            But more and better Public Servents?

            • Obama

              The US government is the MOST, inefficient business in the entire world. I’ve worked for them, I’ve seen how unbelievable the red-tape and handovers are. I made 30 dollars an hour of YOUR taxes while sitting in a truck watching a helicopter fly back and forth. If you knew how lazy and corrupt the system is then you would understand more fully why the educational system doesn’t work.
              On unions, I live in Chicago, and here unions do more harm than good. People host conferences away from city buildings because the unions charge $200 dollars an hour per man. You can trust the government, but don’t do it because their wise with money. 16 trillion in debt tells us that.
              By the way, I’m wondering when a camera is going to come out with full HD at 60fps?

            • Hawkeye

              Dear Mr. Obama,

              The US government is not a business. Maybe you should change your handle to the other guy.

            • PHB

              I always get annoyed by these people who claim that the problem with schools is poor teachers and then imagine that they can fix it by sacking the bad ones. Sacking teachers is not going to improve anything, to improve matters you have to hire better replacements and that is not going to happen when teachers are so poorly paid.

              Without the unions teachers would be paid less and there would be even fewer good teachers willing to work. Sad but true.

              The people who these arguments appeal to are blue collar working class types who imagine themselves to be middle class but are paid even less than the teachers. They just don’t get the fact that a university grad with a good degree can make twice as much as a starting salary than in teaching and without additional training.

              At the local school the head teacher has no deputies and only one office assistant. He has to answer the phones himself in the mornings. Thats with a school of 400 kids. Now when they cut his admin staff he really had few other options but right now the economy is coming back and he can get a better job with proper support staff quite easily. If he leaves the school will be forced to get support staff because there won’t be anyone willing to take it on otherwise.

              You only get what you pay for. If people want good schools they have to pay good wages to teachers. The best people are not going to want to work in a job that has poor pay and poor job security. If people want to have a commercial approach to hiring and firing they have to be prepared to pay commercial wages.

            • david distefano

              BULL SHIT!!! i am so f–ing sick and tired of everyone blaming teachers and the unions for the education problem that we are suppose to have in this country. we are the only country in the world who tests every student from the most highly educated students to the students i teach in special education for the severely handicapped. the rest of the world, that we are compared to, are testing the students on university track, not the entire population. also, our testing is the only testing that has no outcome for the students as the rest of the worlds testing does. the u. s. sends more kids to college per capita then any other country in the world.

              on a side note i love my nikon large format lenses my d800 and all my nikon lenses that i use.

            • Alex

              @PHB, if sacking bad teachers and rewarding good teachers does absolutely nothing, as you claim, then every psychologist knows absolutely nothing about shaping behavior. So let every teacher stay in the job regardless of their performance? The unions don’t want to do reinforcements and punishments, they want everyone to get paid the same, regardless of performance. Where’s the incentive to perform?

        • iamlucky13

          Education funding is not going down the drain. The amount we spend per student, properly adjusted for inflation, has never been higher (plateaued and has oscillated up and down slightly since 2008).

          There are cultural and system problems with our education system.

          We have parents who take no interest in their kids education.

          We have a host of pop-culture icons (including Nikon’s own spokesperson) who are idolized for eschewing traditional hard work and personal achievement in favor of seeking glamor.

          And we have politicians and consultants “innovating” our education strategies at the same time countries like China are using the exact same teaching methods we’re abandoning rapidly catch, and soon overtake us in measures of educational performance.

          But since education is primarily funded at the state and local level, and is in most cases financially solvent, if a bit perpetually constricted because there’s always more and more staff they want to hire, gadgets they want to buy, sports teams they want equip, and new facilities they want to build, that’s sort of misguided topic.

          At the federal level, we can’t even afford the government we have, so until we fix that problem, talking about making it bigger is a dangerous delusion.

      • Zoetmb

        Aside from your other idiocies, the U.S. Government will NOT be spending any money to FIX any private anything. What the U.S. Government will be doing is spending tax dollars on emergency relief – shelter, clothes and food for now homeless people. It is also likely that the Government will guarantee loans to rebuild, but that doesn’t really cost taxpayers anything unless the borrowers default. Government taxes will also go towards rebuilding damaged roads, tunnels, bridges, power lines, public transit and other infrastructure.

        That’s EXACTLY what our taxes should be going for. Because that’s exactly what government is for – helping people who need help through no fault of their own. It will have the added benefit of putting people to work, which will help the economy greatly (lumber company stocks and Home Depot stock prices are up the last two days yet it will be a while before rebuilding actually begins.)

        I think down the road, it’s likely Government will also make decisions about whether they will permit people to rebuild in areas likely to be flooded again. They will do this by not guaranteeing mortgages for people who rebuild there, making it almost impossible to rebuild unless you can pay in cash.

        The estimates say there is $50 billion in damage, but that includes things like lost business, which will not be recovered. Let’s say there’s $25 billion in damages that the Federal Government will take care of – that’s $250 in taxes per tax-paying family (about 100 million in the U.S.). I’d much rather that $250 of my federal taxes goes towards this than continuing our role in Afghanistan, which IMO, is totally useless.

    • karl

      it’s not just Nikon.
      Canon 24-70 f2.8 L went for $1349 MSRP.
      The new version II of the lens goes for $2299 MSRP.

      They no longer manufacture the first version, of course.

      • …and what did the Canon 24-70 sell for when introduced, adjusting for inflation?

    • sam

      How about thanking your government for printing money?

      • hyperinflation

        Yes, and then just wait till all that money hits the streets. You will see the ‘increase in prices’ with each dollar worth proportionately less.

        Buy NOW while your dollar still has purchasing power!

    • Andrew

      The average manufacturing produces about 5% defect. The average Nikon troll experiences 100% defect. The results as published on the Internet is therefore unreliable. Nikon has officially stated that none of their cameras has experienced abnormally high manufacturing defects. When a company experiences a high defect rate, they issue a recall. When was the last time Nikon issued a recall? And please don’t tell me about those batteries!

  • D90

    I’m surprised no one has still no moaned for a D400!

    • AM

      Don’t be surprised anymore.
      If Nikon wants to meet its 2nd half goals, they need to release the D400 and DX primes no later than January.

    • GoodGuy

      I want my D400! 🙂

      • Men Cockwell

        Can the D400 make phone calls? I want pinch and zoom on image review too.

      • Steve

        Me too.

    • hyperinflation

      The 5th post, ‘Iam not DX’ sounded like they were moaning…
      I want to see D400 too.
      Hopefully 24MP and 10+fps and 51 focus points, big buffer, solid build, or like a baby D4.

  • BartyL

    Sales for interchangeable lens cameras up 28%, sales for lenses up 21%, despite contracting markets, natural disasters and QA problems.

    Of course, those figures would be multiplied at least a million times if they had listened to all the marketing and engineering geniuses that populate NR.

    • NoMeConoces

      “Of course, those figures would be multiplied at least a million times if they had listened to all the marketing and engineering geniuses that populate NR.”

      LOL. You made my day 🙂

    • Jabs

      @Bartyl – yeah armchair jockeys are always da BEST, right – lol

      +1 for this too:
      ‘Of course, those figures would be multiplied at least a million times if they had listened to all the marketing and engineering geniuses that populate NR.’

  • Camaleont

    Has anyone browsed the link above : “Nikon D800 Big sale”?

    How can sell a D800 for little as $1,629?

    They also throw at you a bunch of accessories… is it a SCAM?

    • Camaleont


      Don’t bother, I would never have bought it, it was too fishy.

      FYI I just found my answer online:

      Oct 24, 2012 – Don’t be fooled by bigonfoto’s low prices. There is … Sponsored Links: FRAUD ALERT · Daxmart aka Perfect F rating from BBB.

      Big On Photo is a #1 scam. They dont send you what you order. Provide fraudalent documentation to your credit card company when you ask purchase to be reversed.

      Refuse to deal directly with you but here is the phone number:877-566-6679 David Cohen, and Here is NY district attorney file #2012-1013045- Penelope Lerner

    • hyperinflation

      Website looks like scam. Login has SSL in URL, has a ‘key’ icon but isn’t secure. D800 price is unbelievable.
      They have 3 pages of Canon lenses but only a single Nikon lens for sale!!
      Website registered 5 months ago.
      IP Address
      Resolve Host:
      Server: Microsoft-IIS/7.0

      Registered through:, LLC
      Domain Name: BIGONFOTO.COM
      Created: 2012-05-22 Expires:2013-05-22

      Registrant: Domains By Proxy, LLC
      “Domains By Proxy, LLC” was found in about 11,876,509 other domains”

      ISP Providence Hosting Services Inc. (AS32780)
      Country: United States Region: Utah Metropolis* Salt Lake City Postal Code: 84332
      City Providence

      Ha-ha, ring them on 1-866-330-0415, ask for ‘scam special’, ‘tonight only’!

  • Jabs

    Sorry but a little off topic!
    Hey Administrator – After all the talk, rumors and promises about the Canon 1DX beating the D4 on DXO Mark, here is the real result now – lol. Time to do a comparision then?

    Great sales Nikon and I already know how Canon is doing, so will not bother posting that here, as we Nikonians here – right?

    • Big J

      Well it mentioned no too long ago by someone that it beat the D3200 (like a week ago I think) and was still sad nonetheless. It’s so expensive and doesn’t beat the 3Ds still despite it being mentioned late 2009 and released early 2010 (as I recall).

      • Jabs

        @Big J – lol
        I have always said here that Canon aimed at the D3s and brought out the 1DX to top that, but Nikon surprised them with the D800, D80E, plus now D600 and the D4 is at least one generation ahead of them. So much for these rumors too!

        I think that the D5200 will beat all the Canon’s too in DXO Mark – a sign of Nikon’s Engineering skills and prowess – SCARY too!

        I like the high speed of the 1DX, but the new Nikon’s are in another world performance wise to me – that is from looking at the image files under Linux and even Win 7 plus Win 8.

        I wonder how the new Sony A99 will do and will they ‘cripple it’ with 12bit output instead of 14bit output like Nikon does on the D600? I also hope that Nikon gives us 14bit output instead of the 12bit output on the D3200 – see –

  • KnightPhoto

    How long till Nikon world domination?

    They must be inching closer to Kwanon every month and D4, D800, D800E, D600, D7000, D5200, D3200, J2, V2 must be helping.

    They were close a few years back (around the time of D3, D300) but then dropped back again for a while. Now Nikon is on the rise again.

  • hyperinflation

    Yes, Camera Wars, the Rise of the Nikon…..and then they will be bought out by Disney 😉

    • BartyL

      Every menu item will have an animated ‘helper’: Jar Jar Binks voiced by Minnie Mouse.

    • Big J

      Oh god, just remembered that Disney bought Lucasfilms (even though they did have a hand in the previous films) and now they have full control.

  • NikonGuy

    Think how much those lens sales would increase
    if Nikon got off their butts and updated the 80-400mm.

    • Travis

      By 1-2% maybe? )))

  • Thomas

    Mirrorless is comming and getting bigger. RIP Nikon.

  • Wow that’s alot of point and shoots!

  • Dmitriy

    37 % of dslr market, 32 % of lenses market. not bad. somedays Nikon had 41 %, but last years it had before 35. I think Canon will have 42-44 this year.

    difference between 37 and 32 for lenses come from 3-d part producers – Zeiss, Tamron ect. it’s just 5 % for Nikon – it’s very very good for them. I think for Canon that difference much more – about 10 or even bigger. so Nikon dominates in lenses with F bayonet.

    21 % p&s – also good for Nikon.

    • ActionJunky

      P&S Cameras may dominate total sales, but I have long said that Nikon should better support the pro and prosumer cameras and loosen their grip on the P&S market. It’s it interesting that the combination of interchangeable lenses and interchangeable cameras nearly equal the complete P&S market. But, the interchangeable market is higher priced and has higher margins. Also, notice the growth rate. The growth rate of the interchangeable market surpasses the P&S market by a huge margin.

      Now, whey does all of my local camera stores still focus on P&S cameras when they should be focusing on interchangeable cameras?

  • Mat

    What an incredible year for Nikon!

  • FX DX

    More cameras sold, but operation income is down from previous year?

    • Anonymous Coward

      Less operating income = higher cost of running the business

      Think of fuel/energy, raw materials, labor, etc… Have any of these gone down in cost?

      Also they could be re-investing profits to grow the business. Or embezzling it.

  • Consumers are not idiots. They want value for their money. Nikon raised prices on their lenses and flashes (Gone are the days of the $1400 24-70mm lens and $180 SB-600 flashes) They’ve also raised the overall prices of their cameras at most price points – although as with most electronics you get more for it . ie. full frame etc.

    The problem is that during this time, Nikon forgot to have their usual Nikon quality and customer service. They sweep up faults under the rug instead of offering a fix. D800’s left focus issue and D600’s sensor issues don’t help this. Once they focus back on being Nikon, they will rebound.

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