Globerider, the owner of the Daiwa brand of fishing tackle and the Japanese distributor for Prince tennis products, posted comprehensive net profits of 558 million yen (€4.76m-$5.28m) for its first quarter, ended on June 30, compared with a loss for last year's comparable period. Quarterly revenues rose by 2 percent to ¥22,243 million (€189.58m-$210.28m). Because the company suffered through unfavorable exchange rates in last year's first quarter, this year's quarterly net income, exclusive of comprehensive items, shot up by 22 percent to ¥724 million (€6.17m-$6.84m). The gross margin lost 50 basis points, dropping to 36.5 percent, but sales, general and administrative costs (SG&A) declined somewhat in yen and were 0.9 percentage points lower as a percentage of revenues. Globerider is wary of the trade dispute between the U.S. and China, Europe's uncertainties and the slowing economies of the world's poorer countries, but it is maintaining its full-year forecast, calling for ¥2,400 million (€20.5m-$22.7m) in net income on ¥93,000 million (€793m-$879m) in revenues.