Nikon’s yearly financial results are out


Nikon published their financial results for the year ending on March 31, 2013. You probably remember that for the third quarter the company reported a “rapid deterioration in the market" which led to a cut in the annual profit forecast and some pretty good savings.

Summary for the financial year that ended on March 31, 2013 for Nikon Imaging Company:

Both sales and income posted expected results in the 1st half, but the market condition got abruptly worsened in the 2nd half. Because the inventory was built in the 1st half to counteract Thai floods risks, the profitability was deteriorated compared to the 1st half. Sales ended with 28% hike and operating income 13% up from the previous year. The inventory was reduced to nearly level as planned at fiscal year end.


Summary of estimation for the next financial year (ending March 31, 2014):

Persistent contraction is likely for the compact camera market, but the market for digital camera—interchangeable lens type is expected to keep up the current growth. Both sales and income are forecasted to rise 8% and 55% each.


Note the last statement: "New product launch of mid-class cameras is also expected to help the performance". This probably means a D3200 and/or D5200 replacement and new mirrorless cameras by March 2014.

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  • John Tangney

    A D400 would help a lot, as would a 300 F4 VR!

    • PAG

      My credit card is waiting for both!

      • John Tangney

        Mine as well!

        • Plug

          And mine! They are the only missing items on my shopping list, so the only way Nikon will make a sale with me.

          • Reese

            My wallet will be opened when the wide angle primes come out!

            • ActionJunky

              NIkon must really be costing you a ton of money… if you are missing photographs or jobs because there is no D400 or 300mm F4 VR.

              I guess the adage no longer applies… “it’s not the camera, it’s the photographer.” Clearly, you believe it is the camera.

            • ibuywhatiwant

              I’ve put my entire business on hold waiting for the D400. They need to come out with it soon so I can pay my bills. I’m a firm believer in the camera makes the photograph, not the photographer. If I just had the D400 I know I could be successful.

            • Duncan Dimanche

              …. Doesn’t the D7100 replace the D300s… common what else do you need in a camera at that price that the D7100 doesn’t have ?

              I’m not trying to be a smart A** but I keep seeing this community of people that WANTS a D300 replacement but isn’t obvious that the D7100 IS that replacement ?

              And especially with the D600 that just came out… which can use those dx lenses that some of you probably still have…

              700$ for the D5200
              1200$ for the D7100
              2000$ for the D600
              2800$ for the D800

              so yes it does seems like there is room for a camera in between those two but I’m glad that Nikon doesn’t go all ape sh**t like canon does with loads of different camera at a 200-300$ price range difference…. Nikon has a 500-800$ price range difference between its models which I like because it is easier to make a decision… better body with ok lenses or ok body with good lenses and then later on jump to full frame..

              I would love to hear your thoughts on that but please don’t jump on me… i’m simply being curious with all the D300 lovers..

              Cheers from France

            • Jusa

              It’s not the price, it’s all a about buffer size, speed, durability + crop. 500mm f4 is too short and we need fast camera and about 750mm-1500 reach.

            • Richard M

              Nikon Pro Magazine (from Nikon Europe), Spring (April) 2013, page 8, “D7100 offers ultimate DX format performance … Nikon has positioned the D7100 to appeal to the D300 series customer, ” and on page 9, ” the comprehensive technologies in the D7100 blend much of the autofocus and durability of the D300s with the size and approachable price of the D7000″.

            • Foolishcfo

              Problem is, the industry isn’t drinking Nikon’s Kool Aid.

            • Foolishcfo

              The D7100 does not replace the D300S. Only Nikon USA was stupid enough to call the D7100 Nikon’s flagship DX camera. Other Nikon sites around the world called it the latest enthusiast DX Camera. Thom Hogan gives a lot of compelling reasons why Nikon MUST come out with a D300S replacement and why it needs to upgrade the quality of DX glass. You can read his comments at If all Nikon comes out with during the next year are D3200 and D5200 updates and introduces a new Nikon 1 camera (the current Nikon 1 cameras get terrible reviews) then expect to see them miss their forecasts quite handily.

            • zoetmb

              No. The 7100 doesn’t have the body construction or the button controls that a D400 would have, based on the D200, D300, D700, etc. I really wanted a D400, but couldn’t wait anymore and bought the D800. I had been previously using a D200. I looked at the D600, which is a pretty good camera, but the inferior controls as compared to the D200 was going to drive me crazy. I don’t want to have to wade through Nikon’s arcane menus to make setting changes when I need to work quickly. I think Nikon blew it by leaving this whole in their line, especially for D200/D300 owners who wanted to upgrade. D800 was too expensive for most and D600, as per the above, doesn’t quite fit the bill.

            • Sahaja

              Once you get used to them, the controls are not that bad – and, although it feels cheaper, the body is actually good and reliable. Yes it doesn’t have the buffer, FPS.

              I’d believe a D400 is coming if I saw Nikon release a couple of high end DX lenses.

            • Um

              I agree, while not a pro – I like to take my camera everywhere and want sturdy construction, water resistance, and on-the-fly controls.

            • umeshrw

              In addition to other points there is high iso noise . Superb on D300/300s which lets you go upto 1600 atleast compared to iso 400 of D7100.

            • Turbsy

              Not even close. Do you really think the D300 iso 1600 is the same as 400 on the D7100?

            • umeshrw

              Roughly 1250 for D300 equals 500 for D7100. And this is from personal evaluation. I am not quoting DXO or anything. Though Dxo results concur with my tests.

            • Pablo Ricasso returned

              That might be the most misleading statement that I will read today.

            • umeshrw

              I had D300 before my current D800e. And I have used D7100 which belongs to a friend. So I am talking from experience. What constitutes as noise may differ from person to person though.

            • Pablo Ricasso returned

              I can’t believe you said that.
              I can’t believe people thumbed up your comment.
              You have one thing going for you. Nobody else has the D400 either.

            • fred

              The Reese guy wants wides, not D400 or 300mm!!
              Ha, your narrow focus makes you blind!

            • Myrddin Wyllt

              I am not sure why you think that. I recently upgraded my D300 to a D800. I would not have considered an upgrade to a D300s or D7100 because the D300s is not really a worthwhile upgrade and the D7100 is a step back in some areas.

              The D800 is a good fit for my needs but I am going to have to spend $8000 on new lenses before the difference between the DX and FX format is significant for me. So I might well have waited on a D400 arrival if my type of photography made DX the better format.

              FX only has an advantage on the wide end. At the long end there is a small advantage to DX.

            • bikinchris

              That’s not his point. He is saying NIKON is missing out by not selling him what he wants. Frankly a high end DX camera would come in handy sometimes.

            • Um

              Um, I thought he ment they would both help sales for Nikon.

    • Swade

      Don’t care.

    • Foolishcfo

      I’m good for two D400 bodies if Nikon wakes up from their coma and produces them. I really wonder what value D5200 and D3200 successors will add given most of the people buying them probably wouldn’t know the difference from a D5200 and D5300. Nikon is like the U.S. Federal government They’ll keep making tanks even though the military doesn’t want them.

      • spicynujac

        The D5200 is an incredible camera. I’m tempted to buy the D7100 for its superb focusing system and better controls, although it lacks the flip out LCD screen that the D5200 has. Just because the uber photo nerds on this site who have extreme desires and long for mythical cameras like the D400, doesn’t mean the D5200 isn’t amazing. It is. An improved D5200.. well.. I can’t wait to see what they add to it! Not to mention the price is phenomenal.

        • flip out screens should be on every camera now … life is more dynamic, i too often cannot read the screen .. d800/d600

        • Xoltan Fuxe

          i had a d5200 for a couple of weeks. I returned it for a 5D Mark III

      • Raxel

        In the business model, its the cheaper cameras that keep nikon or any companies for that matter afloat and not the expensive ones! Just because some people have moved onto more advanced cameras does not mean the rest of the world has. In fact, the rest of the world just want a basic camera that can take better photo quality. And these are the ones that Nikon are targeting since there are more of them than those who are advancing and they know that these people will soon advance!

        • Foolishcfo

          You really think so? Expand your thought process. The margins on the higher end cameras are significantly higher than the D3200 and D5200. Take it a step further. Who is more likely to buy fast lenses (14-12mm, 24-70mm, 700-200mm) with their higher margins? The higher end camera user. Nikon will continue to sell low-end cameras but I wonder how many people are sitting on the fence, passing on a D5200 waiting for a D5300 to come out. They just aren’t (generally) as savvy as the high-end camera buyer and won’t spend money on Nikon’s big-margin products.

          • Xoltan Fuxe

            It’s the volume on the lower end cameras. You are dense.

            • Foolishcfo

              Instead of throwing insults at me how about backing your comments up with numerical facts? How much incremental profit do you expect Nikon will generate this year by introducing a D5300? Do you even understand incremental profit? I’m sure Nikon appreciates the $25 profit they made on your Coolpix purchase!

  • Nikonnut

    D3200 or D5200? I think it’ll be an even cheaper full frame.

    • Pablo Ricasso returned

      Sooner or later, yes.

    • Micah Goldstein

      …check current deals on the D600. It’s pretty damned cheap. Although I’d dig something with a higher frame rate and better AF in that price range.

  • Marcel Speta

    Just got enough of waiting for real D700 successor and today purchased almost new D3s for the half of initial price 🙂 D400 would be nice but probably never come true. D4 is great but too expensive for hobyist….

    • Aldo



      the d600 and d800 are both d700 updates

      • fred

        D600 is nobbled, a disappointment.
        D800 only real choice there.

        • joe

          Not for action/sports photographers though, and for some reason the body just doesn’t seem as rugged and abuse-proof as the ol’D700

    • catinhat

      Congratulations, well done! A D3s is not far behind D4, if at all. If you like a large body, there isn’t much left to desire once you have a D3s.

    • c.o.d.

      Good for you mate, you will be extremely happy with that body. I bought mine D3s last year once the D4 was released. To be honest the main difference is Video (which I don’t use) and the mixed card types which is never appreciated solution, at least for me.

    • Marcel Speta

      forgott to mention, that I am still using D300 and D700 – i needed second FX body anyway. What is great benefit of D3s is battery compatibility with BG for those mentioned and i have to carry only one charger. Didn’t mention two CF slots which is also great. So i can mix many accessories and i am still compatible.
      Yeah D800 is not for me due speed and nonsense amount of data produced. Well D800 is great camera, but not for my needs (sport, wildlife)

    • Cristian

      D800 is “too much”… very good for studio shooting, but when you need high frame rate is is not so good.
      D600 has the right sensor but lacks in everything else: small AF area, “cheap” 1/4000 shutter, 6fps (that is not so bad) and a consumer body with no 10 pin connector.
      A real D700 successor in my opinion should be a D800 with a 24Mpx sensor and 7fps.

  • We’ve seen excellent entry level and mid-range cams show up regular as clockwork every year. We’ve also seen enthousiasts scream for replacements of old favourites that never show up.

    If Nikon refuses to listen to me I’m not even remotely interested in stories like this.

    • Foolishcfo

      I have to believe Nikon is listening. My guess is they don’t have frame rate and buffer worked out to satisfactory levels with a 24mp camera. A D300s replacement will come.

      • zoetmb

        I’ve been using Nikon for decades (except for a period decades ago when I switched to the Olympus OM-1), but I think that Nikon actually does an extremely poor job of listening to the market. (They also do an extremely poor job of marketing.) I’m not saying that they should listen to what every poster on this site says, since we’re mainly morons who complain about cameras that we never intended to buy in the first place, but they consistently do not seem to have a clear product strategy in place and they certainly do not look at products from a consumer’s perspective, whether professional or not.

      • Oh, come on! If they can make a D600 and a D800 there’s no reason why they can’t do 6-8 frames on a dx camera. They could 5 years ago.

        • Distanted

          There’s a big difference between ‘can’ and ‘want to’…A rational person might look at the last DX pro update, the D300s, and all the consumer DX models and Pro FX models that have been introduced and updated since then and come to the conclusion that Nikon expects Pros to buy the more expensive FX line of cameras and lenses. I’m not dissing DX in any way, I’m a DX user myself, but I do not see any indication that Nikon wants to make a cheaper Pro body that might take sales away from it’s more profitable FX Pro bodies.

        • Foolishcfo

          Really? What camera did Nikon make five years ago that captured 24mp at 8fps?

  • Dante D’Money

    Nikon is now falling victim to the next step in the “idiot proof” marketing concept they developed decades ago….that next step is the high tech “cell phone” cameras. The latest TV commercial now out this week for APPLE and another from Samsung…underscore the reality that more photos are taken everyday by these new generation cell phones than all DSLR cameras combined !! Also new software packages and “apps” for cell phones make DSLR’s and even “mirror less” cameras now as outdated as 4×5 view camera. On a comparative technology basis.

    So…this effect is also seen showing up in the lap top computer market as the tablets have chopped off over 30% of world wide sales and one of the biggest reasons is advanced cameras with video. Nikon needs to jump ahead of the curve.

    • Micah Goldstein

      More photos, perhaps. Better? Not bloody likely. I’ll take quality over quantity any day.

    • Aldo

      I think samsung is doing well with cellphones… half merit to them and the other half apple has let itself get eaten.

      • Pablo Ricasso returned

        I think Samsung is the giant elephant in the room that NOBODY has noticed.

    • Jer

      There’s nothing new to what your saying. 30+ years ago millions more pictures were taking everyday by instamatic 110 film cameras than 35mm. The masses will always take pictures the most convenient way possible.

    • david distefano

      4×5 and 8×10 will never be outdated. they run circles around dslr’s when drum scanned at 10900 dpi

  • Fromunda

    D400 would push income to 65%

    • Aldo

      I’m not so sure… it’s pretty much “what are you missing in the d7100 that you are willing to pay 700 dollars more for it”. Frankly I’m more eager to see the next entry level FF.

      • Fromunda

        A functional buffer? Better high ISO?

  • Mike

    D800 & D600 QC issues did nothing to help sales either. A lot of happy people with either, but a lot of potential buyers scared off too. Even if the chanc is low you get one with QC issues early on, the negative hype certainly affected sales.

    Nikon needs to get on the “pull stills from 4K video” curve. Red, Canon Eos C is there, Nikon only just hit the tail end of the plebeian 1080p curve.

    • Aldo

      I think it’s clear canon dominates the video market. To really compete would mean to invest… and it seems nikon only wants to profit at the moment.

      • lorenzo

        maybe he meant that Nikon doesn’t make Camcorders?

        • Aldo

          I mean the DSLR video market

          • Myrddin Wyllt

            The DSLR video market should not exist.

            It only exists because Sony and Canon’s ‘professional’ offerings are five to six years out of date. Many of the units are still tape based.

            The fact is that a reflex camera design is optimized for still photography as the mirror for the viewfinder forces a big compromise on the optical path and the viewfinder can only be used when the light is not hitting the sensor.

            Nikon would do much better to build a pro video version of their Compact CX line. All they really need to do is to add pro microphone jacks (XLR) and change the body format slightly to make it easier to hold for long times. It also need a fold out screen.

            They have the lens for pro video, that is what the 10-100 motor zoom is about. But they have not got a good package yet.

            Proper pro video also needs the option of overscanning. So for 4K video you would want to shoot with a little headroom/margin on all four sides of the frame. That way you can fix up shooting issues like a microphone getting in the shot without compromising quality.

            Using DLSR cameras for certain video shots does have appeal right now but only because the dedicated video options are so poor.

        • ibuywhatiwant

          Canon only dominates the video market because of hype. The 5D series has become a buzzword in the video community and that’s why it dominates. Marketing and bandwagon purchases.

          • Aldo

            Not only at the higher end bodies… ti3s are sold and made like t34 tanks

      • Pablo Ricasso returned

        I think Nikon did more investing in the last year than Canon did in five.

      • joe

        I want Nikon to continue improving their video though, every photographer has different needs, but my idea camera would be focused around low light performance, FPS, and video. That’s only because I am a newspaper photographer though, different strokes

    • lorenzo

      Sorry to admit that I am one of those still scared potential buyers.I am not a lucky person and if there one camera defective over 1000 I’ll get it.

      The Marketplace Fairness Act bill passed Senate, now it has to pass the House and I don’t see why it wouldn’t. The law is expected to become effective by 10/1.

      I didn’t want to get one D800E when it had $200 rebate and I will end up paying $520 more with the new law, when I feel it is safe to buy that camera. Will never be able to afford a D4x.

  • Rodolfo Arechiga

    I would love to replace my trusty and well used D200 with a D400 if it ever sees the light!

    • Aldo

      if you are still using a d200 you don’t really need a replacement.

      • lorenzo

        I am still using my old D100… it works better than my defective D300s 🙁

      • Foolishcfo

        I have two D200’s (that I have loved) and am waiting for a D300s replacement as well. With that said, I also have two D800 bodies but FX doesn’t cut it with underwater macro. A D400 would fit nicely here.

      • Rodolfo Arechiga

        Funny you say that because I bought a D7000 to supposedly do that and my D200 still kicks butt!

    • Well, keep shooting then because that will never happen

      • shooter

        I think the D400 will appear after Canon 7D mkII, certainly.

        • Rodolfo Arechiga

          Pray to all the gods, wizards, and anyone that believes it will happen.

  • Aldo

    24-70 VR 2.8


    WHAT WE NEED FROM NIKON BEFORE (((((2014 )))))


    + 35MM F1.2

    + NIKON D400 ,,,, NOT MORE 1500$





    • Gord

      Your requests are logical, your caps lock is not.

      • omar maged


    • longzoom

      Omar I see you know what you are talking about. So would you be so kind to add new Noct 58/1.2? And new 400/5.6? Thank you so much coze Nikon gonna learn from you (and me?).

      • omar maged

        400mm f5.6 would be great (3,000$)

    • no_name


      Newer model most probably cost more, regardless of the quality. Better for less only works on PC related items(memory card, external hard disk etc).

    • zoetmb

      The D600 costs $2000 and the D800 costs $2800. While there might be room for a $2400 camera in there, both these cameras cannot be combined into one. Marketing 101 says you have products at all price points. Even if price wasn’t an issue, they have completely different body construction, so they can’t be merged. You have to choose one or the other.

      Nikon should drop prices because the USD is over 20% higher than the 2013 fiscal average of 83 (it’s now over 100), but aside from rebate programs, Nikon seems reluctant to do so.

    • No, I make it a point never to agree with all caps posters.

    • patto01

      The only point I disagree with is replacing the D800 with something with lower resolution. For Landscape, giving up 36MP for faster frame rate and higher ISO wouldn’t be worth it.

      • BroncoBro

        Your pictures would actually look sharper. My D90 images look better printed at 16 X 20 than those I’ve made with my D600. A friend explained the physics of this and it’s over my head…but I see what I see. I haven’t printed any billboards lateley.

        • patto01

          With all due respect to your friend, there are a lot of variables that go into sharpness. Also, I don’t know how you process your photos but post processing technique makes a world of difference. And, yes, 10-12MP is enough for a 16×20 print but more pixels means more flexibility…in some cases. Landscapes and studio portraiture can benefit from it. Some others…not so much.

  • Yes A D400, 300 F4 AFS VR will be good, perhaps a baby D4 & D4X and a video DSLR 4K equiv to Canon 1D C.

    Also an update to Capture NX as well but no CC / Subscription please.

  • What’s the problem? If D300s is too old and D7100 is not good enough for you, why do you even bother using a DX camera? It seems that people are more in to technical specs rather than actually learning how to use their cameras. So stop complaining about the “missing” D400 and get you fat a** out of the door and make some nice photos.

    • jake

      you really are crazy as your name says , it is none of you business really.
      some of us just want the greatest and so need mythical D400 or somehting like D800 with D600 sensor or D800 with D4 sensor + 10 frame per second with a bit better video mode.
      Even though I am pretty happy with my D600 and D800E , if there was a bit smaller version of the D800E with the D600 sensor(it is better at long exposure at high ISO, in low light than the D800E), I will get that mythical camera.
      so some of us will always complain about it regardless of what camera Nikon or any one gives us at times.

  • Kane

    Sorry but was this a Nikon Financial Results thread or a D400 thread ? What i cant understand is that if all people do here are complaing that they want D400 d900 D100000 etc and that they wont buy anything else. It only suggest that These users for such Mystical Models are very few if they were more then the Financial figure would be lower. So obviously nikon is making more of what people want. ( now don’t go bashing economics on me that nikon has done cost cutting etc)

    A simple rule if a company doesn’t make what you want then switch to someone that makes something you want. And if you already have something great which you praise endlessly like a D200 or a d300s why wait for something newer. Has your skill level dropped.

    Sorry had to say all this but you guys hijacked a thread.

  • rhlpetrus

    Not bad, N’s performance was pretty decent in both segments (IL and compacts). Next year is not looking good for compacts though, and stagnant for IL.

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