Net income plunged 93% in the final quarter to ¥973 million ($6.6 mm) from ¥14,692 million prior, as total sales tumbled 39% to ¥99,098 million ($670.5 mm) from ¥161,244 million with both bike and fishing sales lower. Bicycle components fell 43% in Q4 to ¥75,236 million and fishing tackle was down 16% to ¥23,754 million. Gross margin contracted by 550 basis points to 36.3%, while SG&A was 2% lower in yen, and deleveraged 920 b.p. on the falling top line.

For the full year, profits fell by half to ¥61,142 million ($435.2 ... Log in to view full article.