On October 27, 2015, Canon reported its third quarter 2015 results. Consolidated net sales for the quarter were $7.7 billion (an increase of 6.1 percent year-to-year (YTY)). Gross profit for the quarter increased 8.7 percent YTY. This increase in revenue comes thanks to the steady demand for multifunction and color devices in developed markets, although the demand for monochrome devices declined due to the economic slowdown in China and Southeast Asia. Sales of consumables also declined compared to their strong showing in the same period last year.