YONEX (7906) Q1 2025 earnings summary

Executive summary

• Net sales reached ¥31.1 billion, up 11.0% year-over-year, setting a new record high, driven by strong demand and yen depreciation boosting overseas sales.

• Operating profit rose 19.6% to ¥3.3 billion, with net profit attributable to owners up 15.4% to ¥2.8 billion year-over-year.

• Basic earnings per share improved to ¥32.33 from ¥27.82 year-over-year.

• Growth was supported by high sports activity levels, successful new product launches, and strategic marketing leveraging athlete achievements.

Financial highlights

• Gross profit increased 15.1% year-over-year to ¥14.1 billion, with gross margin improving to 45.4%.

• Ordinary profit rose 15.1% year-over-year to ¥3.73 billion.

• Comprehensive income increased to ¥3.84 billion from ¥2.71 billion year-over-year.

• Total assets grew to ¥100.3 billion, with equity capital at ¥63.8 billion.

• SGA expenses rose 13.8% due to higher personnel, IT, and marketing costs.

Outlook and guidance

• Full-year net sales forecast remains at ¥126.0 billion, up 8.2% year-over-year.

• Operating profit projected at ¥12.5 billion, up 7.7% year-over-year; net profit forecast at ¥9.3 billion, up 5.0%.

• Earnings per share forecasted at ¥107.49 for the full year.

• No revisions to previously announced forecasts.

• Company expects continued global growth in sports participation and plans increased investment in marketing, HR, and IT.