The postponement of the Tokyo 2020 Olympics and the cancellation of many other sports events weighed on Himaraya’s performance. The Japanese sporting goods retailer ended with a loss of 789 million yen (€6.3m-$7.3m) in the fiscal year ended on Aug. 31, compared with a net profit of ¥587 million for the previous year. Revenues declined by 13 percent to ¥57,721 million (€466.5m-$534.5m), despite strong e-commerce growth during the Covid-19 pandemic. The company’s sales bounced back in the final quarter as consumers returned to the stores, with particularly strong sales for golf equipment and outdoor gear. For the year, golf sales were off by 10 percent, while sales of skis and snowboards tumbled by 31 percent. Revenues from outdoor products inched down by 2 percent. Overall, the gross margin declined by 0.4 percentage points to 33.8 percent, hampered by clearance sales of winter sports items. The company closed one store during the period and ended with 104 locations. Looking ahead to the full fiscal year 2021, Himaraya is expecting revenues of ¥58,800 million (€475.3m-$556.4m) and net income of ¥272 million (€2.2m-$2.6m).