A positive swing in foreign exchange rates and other extraordinary items allowed Yonex to double to 1,282 million yen (€9.7m-$12.1m) its comprehensive net income for the first nine months of its financial year, ended on Dec. 31. Sales inched up by 2 percent to ¥46.2 billion (€350.4m-$434.4m) but the gross margin fell by 3.3 percentage points to 40.5 percent because of high raw material prices and extra manufacturing costs related to the opening of a new factory. Sales went up by 8 percent to ¥1,788 million (€13.6m-$16.8m) in Europe. They grew by 13 percent in the U.S. to ¥1,497 million (€11.4m-$14.1m), with strength in badminton as well as tennis. A flat market in Japan didn't prevent Yonex from posting a sales increase of ¥29.2 billion (€221.5m-$274.6m) in its home market. Sales in China declined slightly to ¥13.2 billion (€100.1m-$124.1m) because of a slowdown in the local badminton market.

Topics