Globeride Profits Slip Despite Top Line Gain in FQ2
Comprehensive net income declined 5% in the fiscal second quarter ended Sep. 30 to ¥934 million ($8.7 mm) from ¥986 million on 3% higher revenues of ¥24,434 million ($227.7 mm), up from ¥23,725 million. Excluding foreign exchange and other comprehensive items, net income was down 38% to ¥1,240 million. Gross margin expanded 120 basis points to 37.3% while SG&A increased 6%, or 90 b.p. as a percent of sales. The company, which owns ... Log in to view full article.