Yonex group bolstered positive yen depreciation on overseas sales, generating a 16 percent year-over-year increase in H1 net sales to ¥66.9 billion (€409.1m). Operating profit hit a record H1 high at ¥7.7 billion (€47.0m). Gross margin grew 170 basis points to 45.2 percent.
By segment, badminton sales rose 16 percent to ¥40.6 million (€248.4m) from higher revenues in Japan and overseas. Tennis sales, bolstered by gains in Europe and North America, increased by 2.3 percent to ¥9.01 billion (€55.5m). Golf sales swung 11 percent lower year-over-year to ¥919 million (€5.6m).
Regionally in H1, Europe turned a ¥297 million (€1.8m) operating profit against a year-ago loss of ¥37 million. Sales increased by 27 percent to ¥2,858 million (€17.5m) on gains in badminton and tennis. Meanwhile, North American revenues in H1 increased by 1.6 percent year-over-year to ¥3,109 million (€19.0m) despite a low badminton sales on a problematic comparison. The region’s H1 operating profit rose by 13 percent to ¥329 million (€2.0m).
With the H1 results, Yonex elevated its FY25 forecast for the 12 months ending March 31, 2025. The annual net profit outlook is lifted by 7.5 percent to ¥10,000 (€61.1m). The annual operating profit is now forecast at ¥13,100 million (€80.1m) with FY sales now projected to rise by 15 percent year-over-year to ¥134,000 million (€818.9m).
