Japanese Brands’ Q1 Roundup: Globeride, Goldwin, Yonex, Zett, Dunlop
Globeride, which owns Daiwa fishing and distributes Prince tennis in Japan, posted a comprehensive net profit of ¥558 million ($5.1 mm) in the fiscal first quarter ended Jun. 30 against a loss of ¥248 million last year, as revenues gained 2% to ¥22,243 million ($202.3 mm) from ¥21,849 million. Last year’s quarter included a big hit from foreign currency translation, and net income was up 22% to ¥724 million from ¥594 million excluding comprehensive items. Gross margin contracted 50 basis points to 36.5% but SG&A was down slightly in yen and 90 b.p. lower as a percent of sales. Globeride ... Log in to view full article.