Honma Golf Gushes Red on Lower Sales
The high-end Japanese club maker’s loss nearly tripled to ¥2,398.4 million ($16.3 mm) in the fiscal first half ended Sep. 30 from a loss of ¥845.6 million, as revenue slipped 20% to ¥7,867.5 million ($53.4 mm) from ¥9,814.5 million. The loss was primarily driven by excess inventory at retailers and sluggish consumer demand. Golf club sales dropped 18% to ¥5,449.5 million, balls were down 19% to ¥737.6 million, accessories dipped 37% to ¥562.1 million, and apparel fell 17% to ¥1,118.2 million. Sales in the home ... Log in to view full article.