Yonex’s sales increased 44.5 percent to 74.4 billion yen (€573.5m) for the financial year ended March 31 as the Japanese company reported strong product sales growth in China on the strength of badminton. As the company recovered from Covid-19 impacts, annual operating profit soared by 553 percent to ¥6,738 million (€51.9m) as the operating margin rose 7 points to 9.0 percent from 2.0 percent in 2021.
All segments – badminton, tennis, golf and apparel/accessories – posted double-digit, year-over-year sales increases in both Japan and international markets. Global badminton revenues rose by 50 percent to ¥43.3 billion (€333.4m), with markets outside Japan rising by 58 percent to ¥34.0 billion (€26.8m). Worldwide tennis revenues bounced 55 percent higher to ¥11.5 billion (€88.6m), and global golf sales swung 47 percent higher to ¥1.52 billion ($135.2m).
Regionally, Europe returned to profitability on a 23 percent revenue expansion to ¥2,336 million (€17.9m), with tennis racquet sales growth in Germany and strong sales of tennis and golf in the U.K., where demand for badminton products gradually recovered after the second quarter. In North America, annual revenues increased by 64 percent to ¥3.2 billion (€24.6m) on a significant increase in tennis product sales as operating profit came in at the equivalent of €2.1 million. Heightened excitement for badminton in China pushed annual Asia sales nearly 70 percent higher at ¥31.0 million (€238.5m) and segment operating income up by 111 percent to nearly ¥5.0 billion (€38.3m). Operating income in Japan came in at ¥1.49 billion (€11.5m) on 29 percent revenue growth to ¥37.5 billion (€288.9m).
Yonex’s current financial year 2023 forecast calls for a flat operating margin of 9.0 percent, due in part to increased advertising investments. The operating profit is forecast to decline more than 9 percent in the first half but end the year up more than 14 percent at ¥7.7 billion (€3.52m). FY23 consolidated revenues are estimated at ¥86.0 billion (€662.2m).
