Net income was down 78% to ¥9,791 million ($67.8 mm) from ¥44,928 million on revenue that was off 32% to ¥112,014 million ($775.4 mm) from ¥163,979 million as inflationary pressures hit consumers in all key markets. While China and Japan are beginning to show signs of normalization, these bright spots were offset by macro pressures on consumer spending globally. Gross margin contracted 440 b.p. to 38.5%, while SG&A was up 1% in yen, deleveraging 720 b.p. to 22.3%.

The Bicycle component segment saw revenue take a 38% hit to ¥84,457 million, with ... Log in to view full article.