(Telecompaper) Sharp has confirmed it expects to report annual results below its previous outlook. Following a report in the Nikkei, the company said results for the fiscal year to March 2015 will fall short of its forecast issued in Octover 2014, due to lower profitability in Japan due to the fluctuations in yen rates and tougher market conditions, such as increased competition in the LCD business. Sharp said it's working on a new forecast and will provide more details once the process is completed. The company will announce results for the fiscal third quarter on 03 February. In October, Sharp forecast annual sales to fall around 1 percent to JPY 2.9 trillion, operating profit down 8 percent to JPY 100 billion and a strong improvement in net profit to JPY 30 billion.