Net income attributable to shareholders was up 45% in the first quarter to ¥28,596 million ($270.0 mm) from ¥19,663 million on a 64% jump in revenues to ¥126,426 million ($1,193.8 mm) from ¥76,920 million driven by both bike components and fishing gear. U.S. demand continued to surge, boosted by stimulus payments and steady progress on vaccinations. But, Europe and Japan experienced Covid flare-ups, which resulted in enhanced quarantine measures that hurt personal consumption. Gross margin expanded 200 basis points to 40.8%, while SG&A was up just 11% in yen and leveraged 730 b.p. on the higher sales.

Bicycle component sales soared ... Log in to view full article.