Hi, I am Tamura. Thank you for watching taking time out of your busy schedule today. I'd like to take this opportunity to thank you very much for your continued guidance and support to our company. Now, let's get right into the explanation of our results in the first quarter of the fiscal year ending March 2025. The table on the left shows the consolidated results of the first quarter for the whole company. Net sales were JPY 65.2 billion, up 4% year-on-year. Operating profit was JPY 4.5 billion, up 5%. Operating profit margin was 6.9%. Ordinary income was JPY 5.6 billion, down 9%. Net income was JPY 6.2 billion, up 79% year-on-year. EPS was 26.74 JPY. ROE was 10.7%. The table on the right shows the results by segment. In the Timepieces segment, both net sales and operating profit increased, with operating profit margin of 14.4%.
In the consumer segment, both net sales and operating profit increased, with operating profit margin of 5.3%. In the system equipment segment, both net sales and operating profit went down, and operating loss was JPY 0.4 billion. For your information, from the first quarter of this fiscal year, the handheld terminal and electronic cash register businesses, which had been included in the system equipment segment before, have been shifted to the other segment as discontinued businesses. The same classification is used for the results of the previous fiscal year. Corporate adjustments amounted to -JPY 1.5 billion. Let me next explain the forecast for this fiscal year. There is no change from the previous forecast. Next, I'd like to explain the first quarter results by business segment.
Starting off with the segment of Timepieces, net sales declined 3% on the local currency basis year-on-year due to a significant sales decline in China. The number of G-SHOCK units sold was down, although sales of Casio brands remained strong. Sales mix by region is as shown in the pie chart on the right. Next, I'd like to present the results and overview of the Timepieces business by product. Among G-SHOCK metal models, the full metal version, which is a square design of the original model, continued to sell well in Asia. The new top-of-the-line MR-G series also performed well in Japan. Among G-SHOCK resin series, the octagonal 2100 series continued to perform well globally. The new BABY-G series, which can be freely customized, are also popular in Asia.
As for the sports line, the high-end model with the heart rate monitor and the GPS functionality performed well in North America. With regards to models other than G-SHOCK, the EDIFICE with colored dials and Casio brand watches remained strong, especially in Europe. G-SHOCK mix was 49% in the first quarter. The most recent G-SHOCK mix in the fourth quarter of the previous fiscal year was also 49%, so the G-SHOCK mix remained flat. However, from year-on-year perspectives, the G-SHOCK mix is down. This is mainly due to a decline in the sales composition of China, where the G-SHOCK mix is high. On the other hand, Casio brand watches have been performing well in Europe and other regions. As a result, the sales composition of G-SHOCK as a percentage of total sales has been declining.
I would like to continue with the results and overview of the timepieces segment by region. Overall, consolidated sales in Q1 were down 3% on the local currency basis compared to the same period last year. The sales decline by 31% in China had a negative impact on overall watch sales, which resulted in a decline in net sales as a total of the timepieces segment. However, if you look at all regions excluding China, net sales increased by approximately 1.5% on the local currency basis. In Japan, inbound demand is on the rise as the number of foreign visitors to Japan increases. High-end metal models are also performing well. In North America, the impact of the decrease in the number of store counts continues, but e-commerce is driving sales of new products, and sales are recovering moderately. In addition, sales of high-end products at D2C are also strong.
In Europe, we are horizontally expanding the successful practices in France to Spain and Italy. Sales of Casio brand watches also remained strong. In other regions, there was a significant year-on-year decline in sales in Hong Kong. Therefore, the overall sales in other regions were down from the previous year. However, in the forecast regions, such as India and others, both online and offline sales continued to be strong. In the ASEAN regions, the situation varies from country to country. In Singapore and Thailand, sales trended somewhat sluggish. Next, the EdTech business. It is currently performing almost in line with the plan. Regarding the sound business, even though inventory adjustment is progressing in some regions, it is taking time for demand to recover. Therefore, we continue to face a difficult situation. In Europe and the U.S., we are seeing sluggish demand due to the impact of inflation.
With regards to the system equipment business, what we are doing in the HR solution business, CHS business, and the management support for small and medium businesses, SMB business, is to continue promoting replacement and the recurring business to existing customers. This concludes the explanation on the first quarter results and overview by business segment. Next, let me explain the strategy for return to growth for the timepieces. With the 50th anniversary of Casio watches, while we position G-SHOCK as our main axis, we also focus on Casio watches using these two powerful axes to drive regrowth. Our policy to strengthen high-end models centering on G-SHOCK metal versions remains unchanged. Also, in the low end of G-SHOCK, we are facing the issue of price increase of basic models that we need to address.
This is due to the price hikes of components and materials and the depreciation of local currencies against the US dollar, especially in emerging markets, which has resulted in price increases in the real terms. There has been a price increase in this relatively low-priced entry-level model of G-SHOCK. As a result, we were not able to offer products that met this entry-level demand. This is one of the reasons why G-SHOCK ratio declined. Therefore, for the entry price range, we need to introduce powerful new products in the future. We are going to launch new products that match the price points in this price range. In the mid to high-end price ranges of G-SHOCK, we also plan to introduce powerful new products, including the 2100 Series, which are popular in the current fiscal year.
In the India and ASEAN regions, which are our focused markets, we will accelerate the development of G-SHOCK specialty stores. Please take a look at the bottom row. These are Casio watches sold under the Casio brand. We have been promoting Casio's brand history in parallel with the brand for G-SHOCK. In addition, we have been promoting measures to expand sales, such as setting up dedicated store front spaces. As a result, we were able to increase sales significantly, not only in terms of volume but also in terms of unit price. They are still maintaining the momentum. We will continue to make efforts to rapidly expand Casio watch specialty stores. Next, I will take you through the strategy by region for the timepiece business. Let me first explain the growth strategy in the focused areas of India and ASEAN regions, starting off with India.
Currently, we are working with two major brand ambassadors for our marketing activities. We have also launched TEAM G-SHOCK exclusive to India in order to increase brand recognition. We are promoting localization in product planning to have more locally produced model lineup. With regards to our strategy for ASEAN, we prioritize countries with high growth potential and increase store counts and strengthen local marketing actions. We will have shared models focused for ASEAN area and expand sales in full swing. We will plan localized promotions deeply rooted in the region across the countries. We will accelerate the opening of G-SHOCK stores and the stores dedicated to Casio brand watches to expand the sales scale of the Casio brand. In Japan, the scale of the MR-G and the G-SHOCK premium lines is expanding. We will also focus on this area.
We also roll out marketing activities utilizing the TEAM G-SHOCK consisting of famous athletes. Lastly, we are working on measures to increase direct-to-consumer D2C sales mix, especially in North America and Europe. We are strengthening directly managed e-commerce shops through measures such as limited-edition models offered only in direct stores. We are also in the process of expanding the loyalty point program, which has been already introduced in North America to other regions. Although I mentioned this at the last financial results meeting, I'd like to explain again how we are addressing unprofitable businesses. Regarding the electronic dictionaries business, we will carefully assess the direction for the future, assuming the scale of the business will move toward a shrinking equilibrium in the future while working simultaneously on income structure reform and fixed cost reductions.
In the Sound business, we will improve profitability by increasing the sales mix of highly value-added products having high margin in the high-end mid-price range, such as the Slim and Smart model of Privia and the new CELVIANO. At the same time, we will work to optimize the profit structure by reducing fixed costs and improving the cost of sales ratio. There is no change in our policy of making timely divisions to the direction of our business in accordance with the progress of KPIs. Now, let me continue with the progress on the structural reforms that we have been carrying out this fiscal year. In China, where the business remains sluggish, we implemented the structural reforms in the first quarter ahead of other countries. We are also implementing structural reforms in other regions as planned.
As a result, we'll be able to reduce fixed costs by approximately JPY 5 billion from the next fiscal year onward as a benefit from the reform. From this page onward, the supplemental materials. Let me briefly touch upon some of the key topics from there. 2024 is the 50th anniversary for Casio watches. Casio entered the timepiece business in 1974 with the release of CASIOTRON, the world's first digital watch with automatic calendar function. Celebrating the 50th anniversary, we have released the cross-brand Casio watch Sky and Sea models on June 7th.
The topic from the EdTech business is a presentation we made on the scientific calculator for the Nigerian market on June 27th. This scientific calculator was created to meet the educational needs. It is certified by the Lagos State Ministry of Education of Nigeria. We hope that the scale of the custom-made model will help to prevent counterfeit products. Please take a look at the following pages for your reference data. This completes my explanation. Thank you very much.