Net income jumped 80% in the final quarter to ¥16,241 million ($155.4 mm) from ¥9,034 million in 2019 on revenues that were up 22% to ¥113,866 million ($1,089.6 mm) from ¥93,707 million with double-digit gains in both bicycle and fishing segments. Gross margin expanded 410 basis points to 42.0% in the quarter, while operating expenses were up 8% in yen, but leveraged 210 b.p. as a percent of sales. Bike component sales were up by 21% to ¥93,278 million, and the fishing segment did even better, growing 26% in Q4 to ¥20,482 million.

For the full year, the bottom line grew ... Log in to view full article.