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Article Date: July 2021
Word Count: 281

Honma Golf Returns to Profit in FY21

Net income was ¥1,859 million ($17.6 mm) for the fiscal year ended Mar. 31, against a loss of ¥732 million the year before, on 4% lower revenues of ¥22,735 million ($214.7 mm) down from ¥23,787 million. Gross margin contracted 60 basis points to 50.3%, but the bottom line was helped by a 14% reduction in SG&A expenses, which leveraged 470 b.p. despite the sales decline. The high-end Japanese golf brand’s North American business dropped 26% to ¥919 million ($8.7 mm). Sales to the home Japan market plunged 40% to ¥6,545 million, but Korea was a bright spot, growing 14% to ... Log in to view full article.


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