Globeride, the Japanese company that owns the Daiwa brand, has benefited from the popularity of fishing in Japan, as people looked for activities that can be practiced while respecting social distancing guidelines. Its net income for the second fiscal quarter ended Sept. 30 soared by 65 percent to ¥2,051 million (€16.5m-$19.3m), while revenues gained 15 percent to ¥28,181 million (€226.7m-$265.6m). However, the gross margin declined by 1.3 percentage points to 36.0 percent.
In Japan, the demand for fishing equipment soared after the lockdowns ended, sending Globeride’s sales up by 23 percent to ¥19,584 million (€157.5m-$187.1m). In the Americas region, sales rose by 2 percent to ¥1,991 million (€16.0m-$18.4m), although they struggled toward the end of the quarter because of the resurgence of the coronavirus. In Europe, revenues declined by 12 percent to ¥2,245 million (€18.0m-$21.5m), while Asia/Oceania benefited from the recovery in China, surging by 10 percent to ¥4,362 million (€35.1m-$41.7m).
On the basis of these good results, Globeride has raised its full-year guidance. It now expects revenues of ¥92,000 million (€740.0m-$879.3m) and net income of ¥2,600 million (€20.9m-$24.8m), up from a prior guidance of ¥89,000 million and ¥1,700 million, respectively.