Net income in the final quarter dropped 35% to ¥9,034 million ($83.1 mm) from ¥13,919 million on sales that were slightly lower at ¥93,707 million ($862.1 mm) down from from ¥94,112 million. Bicycle and component sales were flat in Q4 at ¥77,398 million, while fishing gear sales slipped 3% to ¥16,225 million, hurt by typhoons in the home Japan market. Gross margin narrowed by 60 basis points in the quarter to 37.9%, while SG&A was lower by 40 b.p., or ¥422 million.

For the full year, net income was ¥51,833 million ($476.8 mm), down 4% from ¥53,931 in 2018 and missing ... Log in to view full article.