Yonex Co., Ltd. TSE:7906

Presentation: Financial Results for FY3/24 1Q

Published August 9, 2023 at 6:18 a.m. UTC

Source: MarketScreener

Fiscal Year Ending March 31, 2024 1Q

Financial Results

Yonex Co., Ltd.

Tokyo Stock Exchange Code：7906

August 9, 2023

Table of Contents


1.	Consolidated Financial Results for FY3/24 1Q ・・・・	3
2.	Segment Overview	・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・	7
3.	Forecasts for FY3/24	・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・	14
4.	Topics	・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・	15
5. Appendix	・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・	18

Highlights

Net Sales	Operating Profit		Net Profit
27.9billion yen	2.7billion yen		Attributable to owners of parent
	2.4billion yen
YoY		YoY		YoY
+18.1％	-18.9％		-19.9％

	 Reached record-high consolidated sales as sales in all regional segments increased due to the
Net Sales	continued strong demand to play sports around the world.
 Overseas sales increased significantly as demand was boosted by international tournaments and
	our company's effective promotional activities, as well as the effect of yen depreciation.

Operating Profit

Although gross profit increased due to higher sales, operating profit decreased due to rises in SGA.
Advertising expenses for sponsorships and athlete contracts increased in foreign currency due to the resumption of the tournaments, tournament-related promotions, and the successful performance of contracted athletes. Yen depreciation also impacted the increase in expenses.

Consolidated Income Statement

							（Million yen）
	FY3/23 1Q	FY3/24 1Q	YoY		FY3/24 Forecasts*

	Results
	Results	Margins			1H	Full Year


Net Sales	23,694	27,992	―	+18.1%	57,000	116,000
(+4,298)

Gross Profit	10,870	12,255	43.8％	+12.7%		―	―
(+1,384)

SGA	7,447	9,480	33.9％	+27.3%		―	―
(+2,032)

Operating Profit	3,422	2,774	9.9％	-18.9%	6,200	10,700
(-648)

Ordinary Profit	3,859	3,245	11.6％	-15.9%	6,200	10,700
(-614)

Net Profit	3,025	2,424	8.7％	19.9%	4,400	7,800
(Attributable to owners of parent)	(-601)


EPS	34.68 yen	27.82 yen	―	-6.86 yen		50.49 yen	89.50 yen

*Announced on May 11, 2023

Factors behind Operating Profit Changes

Despite higher gross profit, operating profit decreased due to the inability of the rise in gross profits to offset the increases in SGA, including advertising expenses arising from expenses for tournament sponsorships, tournament-related promotions, athlete contracts, and bonuses to athletes, as well as to the impact of yen depreciation on those expenses.

（Million yen）

+1,973

-588

3,422

-345

-1,061	-13	2,774
		-612

Increase in SGA -2,032

FY3/23	Gross Profit	Decline in	Personnel	Advertising	R&D	Other	FY3/24
1Q	Increase by	Gross Profit	Expenses	Expenses	Expenses	Expenses	1Q
	Higher Sales	Margin