The Japanese sporting goods company Yonex reported operating income of ¥3,319 million (€20.7m) against ¥2,774 million for the three months ended June 30. Q1 net income increased by 15 percent to ¥2,797 million (€17.5m) from ¥2,424 million.
Group sales rose 11 percent to ¥31,067 million (€194.1m) from ¥27,992 million, while gross margin for the period declined by 160 basis points to 43.8 percent. Consolidated sales reached a record high, partially due to the positive effect of yen depreciation on sales outside Japan.
In Europe, Q1 operating profit was essentially flat at ¥135 million, with higher staffing and advertising/marketing costs offsetting the higher gross profit. Sales into the market rose by 18.0 percent year-over-year to ¥1,406 million (€8.8m). Badminton and tennis sales rose in Germany with the former elevated by international tournament play. In the UK, badminton and tennis sales “trended solidly,” and were aided favorably by currency impact. Elsewhere, North American sales reached ¥1,627 million (€10.2m) but were down 6.1 percent year-over-year despite higher tennis sales. Revenues across Asia (excluding Japan) were ¥14,685 million (€91.7m). In the group’s home Japan market, Q1 revenues hit ¥13,133 million (€82.0m).
Yonex’s current outlook for the FY ending March 31, 2025, calls for 5.0 percent profit growth to ¥9,300 million (€58.1m), an operating profit increase of 7.7 percent to ¥12,500 million (€78.1m), and 8.2 percent annual sales growth to ¥126,000 million (€787.0m).
