Yonex, which only three months ago warned of tougher business conditions on the horizon, has lifted its full-year outlook, citing “a recovery in demand, particularly overseas.” The Japanese company, which has baked higher raw-material costs and currency impact into its forecast, is now anticipating annual revenues of 106,000 million yen (€731.4m), a year-over-year increase of more than 42 percent, and an operating profit of ¥10,000 million (€69.0m). FY23 net income is expected to grow by nearly 25 percent to ¥7,200 million (€49.7m).
For the nine months ended Dec. 31, operating profit increased by 56 percent to ¥9,317 million (€64.3m) from ¥5.978 million, but the gross margin fell slightly to 43.6 percent from 44.8 percent. Net profit rose by 32 percent to ¥6,703 million (€46.3m) from ¥5,081 million. Total revenues jumped by 48 percent to ¥79,632 million (€549.5m) from ¥53,975 million.
Europe generated a 65 percent revenue increase to ¥2,710 million (€18.7m) on firm demand for tennis gear and the re-opening of badminton facilities. The region’s operating profit declined by 64 percent to ¥23 million. Gross margin fell because of changes in the sales mix, and ad costs were higher because of sponsorship costs.
Elsewhere, sales in the home Japan market rose 31 percent to ¥35,640 million (€245.9m) with a corresponding operating profit gain of 38 percent to ¥2,069 million; revenues increased by 67 percent throughout Asia to ¥36,940 million (€254.9m) with a 79 percent increase in operating profit to ¥7,355 million; revenues jumped 59 percent in North America to ¥3,874 million (€26.7m) with a 37 percent gain in operating profit to ¥485 million (€3.44m).
Category sales by segment were led by badminton, whose nine-month revenues rose by 56 percent to ¥47.921 million (€330.7m). Tennis sales increased by 54 percent to ¥12,651 million (€87.3m), and golf revenues swung 30 percent higher to ¥1,482 million (€10.2m).
