Practical Photography

Latest annual figures show that photography giants Kodak are being hit hard by the credit crunch. Turnover this yearhas fallen drastically short of what was forecasted by Wall Street in January as sales of Kodaks range of digital cameras and printers are much lower than predicted.

The credit crunch has been the main contributing factor but also competition has caused Kodak to struggle. In this economy customers are shopping around and other technology manufacturers are branching out producing good quality photographic equipment at reasonable prices. Competitors such as sony and samsung have a broader demographic and product lists so they can afford to invest in aesthetically appealing cameras that will appeal to the younger generation, who have a larger disposable income.

Kodak relied on its reputation but when pennies are short it is money that matters. Kodak bosses are having to cut there losses and cut back on wages and jobs;

Kodak is in a uniquely vulnerable position. The company relies significantly on the American consumer for sales of digital cameras, demand for which has plummeted. Consumers are buying fewer electronics, as well as scaling back on holidays and events that typically encourage photography.

At the same time, Kodak has been hit this year by high energy costs, with many of its photographic and printing raw materials intertwined with the price of oil.

The company also provides commercial printing services but that business has been affected by the fact that many of its corporate customers have been unable to secure financing for new equipment purchases. Kodak said yesterday that the strengthening dollar has also had an impact on export sales.

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