Sanrio’s operating profit rose 11.1% year-on-year to 22.44 billion yen for the three months ended June. However, the figure fell short of the Bloomberg consensus estimate of 23.4 billion yen, raising investor concerns over slowing profit growth and rising expenses. Net sales increased 20.7% to 52.04 billion yen, while profit attributable to owners of the parent climbed 9.3% from a year earlier. In North America, sales increased 6%, but operating profit dropped 19.9% due to higher marketing costs. Sanrio kept its full-year earnings forecast unchanged, projecting net sales of 229.8 billion yen and operating profit of 89.5 billion yen.