Net income attributable to shareholders at the Japanese bike and fishing equipment maker was up 17% to ¥23,687 million ($156.6 mm) in the first quarter from ¥20,203 million, despite revenues that declined 20% to ¥100,557 million ($664.6 mm) from ¥126,071 million. Both bike component and fishing equipment sales dropped due to the stagnant global economic recovery. Gross margin was 270 basis points lower at 38.8%, while SG&A inched up 5% in yen, but deleveraged 620 b.p. on the tumbling top line.

Although retail inventories remain elevated, a 265% gain in total ... Log in to view full article.