Net income was ¥1,133 million ($10.4 mm) in the fiscal first quarter ended June 30, against a loss of ¥2,018 million last year, as sales grew 45% to ¥22,481 million ($205.5 mm) from ¥15,553 million. Gross margin expanded 500 basis points to 59.0%, and Descente held down SG&A, which helped send the bottom line higher than in 2019, despite sales that still lagged 24% behind two years ago. Descente is still guiding for full-year revenues of ¥103,000 million, but now expects net income of ¥5,000 million, up from earlier guidance of ¥3,000 million.

Sales in the home Japanese market surged 92% ... Log in to view full article.