Yonex reported double-digit gains in operating profit and total sales for the 12 months ended March 31. The Japanese group’s FY23 operating profit rose by 49 percent to ¥10,063 million (€70.4m), and net profit increased by 27 percent to ¥7,331 million (€51.3m). Annual revenues grew nearly 44 percent to ¥107,019 million (€749.1m) as all global regions generated double-digit, year-over-year sales gains. FY23 gross margin declined by 190 basis points to 42.9 percent from 44.8 percent, impacted by higher raw material and purchasing costs prompted by yen depreciation.
Implied Q4 results show a 1.9 percent drop in operating income to ¥746 million (€5.2m) from ¥760 million and an 11 percent decline in net income to ¥628 million (€4.4m). Revenues, meanwhile, rose 33.5 percent to ¥27,387 million (€191.7m).
For the full year, Europe’s sporting goods division operating profit improved by 131 percent to ¥171 million (€1.24m) from ¥74 million. Revenues grew by 63 percent to ¥3,815 million (¥27.6m) from ¥2,336 million on higher racquet and tennis equipment sales and stronger badminton sales. In North America, annual operating income increased by 54 percent to ¥423 million (€3.0m) and revenues expanded by 65 percent to ¥5,257 million (€36.8m) despite a slightly lower tennis sales growth rate due to industrywide inventory issues. Elsewhere, FY23 sales in Asia rose by 60 percent to ¥49,662 million (€347.6m) and jumped by 27 percent in Japan to ¥47,750 million (€334.3m).
Yonex’s three sporting goods segments – badminton, tennis, and golf – all posted double-digit increases for the year, led by a 52 percent increase in tennis to ¥17,495 million (€122.5m). Badminton annual revenues were up nearly 51 percent year-over-year to ¥65,292 million (€457.0m), and golf sales swung almost 23 percent higher to ¥21,694 million (€151.9m).
The group is forecasting moderate full-year sales growth of 8.4 percent to ¥116,000 million in FY24, with corresponding operating income up by 6.3 percent year-over-year to ¥10,700 million. Annual net income is forecast to grow by 6.4 percent to ¥7,800 million. But Yonex, citing an uncertain global business environment, predicts H1 operating profit to slip by 12.9 percent as it continues to make aggressive investments in marketing and personnel.
