Globeride, the Japanese parent company of the Daiwa golf and fishing brand, reported a third-quarter net income of 2.3 billion yen (€17.6 million), 5 percent more than in the same period of the previous year. Sales increased 8 percent from ¥26.9 billion to ¥28.9 billion (€221.2m). Sales in Europe declined 9 percent to ¥2.7 billion (€20.8m) in the quarter ended Dec. 31, and also fell 6 percent to ¥2.3 billion (€17.9 million) in the Americas as higher logistics costs affected operating profit. The brand’s Japanese home market, which was flat in the second quarter, grew 6 percent to ¥17.8 billion (€136.2m) in Q3, but the strongest gains came from Asia/Oceania, where sales rose 32 percent to ¥6.1 billion (€46.3m), mainly driven by growth in Australia. Gross margin decreased 60 basis points to 37.9 percent, and operating costs increased 8 percent, but still benefited slightly from higher sales. Globeride raised its full-year sales forecast by 3 percent to ¥120 billion (€916.4m) and its net profit forecast by 15 percent to ¥8.6 billion (€65.7m).

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