Sales of badminton and other products in China remain strong, and sales increased in all segments on the back of full-scale recoveries in demand across various geographical regions.
Demand was stimulated as we focused on providing opportunities to play sports and as international competitions were resumed with spectators.
We achieved record-high sales for the first quarter.
□Operating Profit Increased by 160.4% Y/Y to JPY 3.4bn
Higher costs due to raw material price hikes and yen depreciation impacted gross profit.
Gross profit rose on the back of higher sales and reached a record-high profit for the first quarter.
□Forecasts for FY3/23 Revised Upwards
As the impact of the lockdown was less than expected in China, sales and profits are expected to exceed our previous forecasts.
Changed to our foreign exchange rate assumptions have been reflected in this revision.
We have also considered various potential risks such as raw material price hikes, as well as increase in SGA as factors behind this revision.
2
Consolidated Income Statement
Achieved Record-High Sales and Profits
Higher gross profit arising from the rise in sales contributed strongly to operating profit growth.
SGA rose due in part to increases in advertising expenses to enhance marketing.
(Million yen)
FY3/22
FY3/23
Y/Y
1Q
1Q
Net Sales
16,178
23,694
Gross Profit
7,122
10,870
+7,515 +46.5％
+3,747 +52.6％
Gross Profit Margin
44.0％
45.9％
ー
+1.9%pt
SGA
5,808
7,447
Operating Profit
1,314
3,422
+1,639 +28.2％
+2,107 +160.4％
Operating Profit Margin
8.1％
14.4％
ー
+6.3%pt
Ordinary Profit
1,357
3,859
Net Profit
947
3,025
(Profit attributable to owners of parent)
+2,502 +184.3％
+2,078 +219.3％
3
Consolidated Balance Sheets
(Million yen)
End FY3/22
End FY3/23
Y/Y
1Q
Asset
Current Assets
44,841
48,354
+3,513
Cash and Deposits
17,922
18,579
+656
Notes and accounts
Notes and Accounts
receivable-trade
12,676
14,829
+2,152
Rose as sales
Receivable-Trade
increased.
Inventory
11,792
12,268
+475
Non-Current Assets
21,457
22,409
+951
Total assets
66,299
70,763
+4,464
Liabilities
Total Liabilities
20,569
21,341
+772
Debt with Interest
2,447
2,627
+179
Total Net Assets
45,729
49,421
+3,692
Equity Ratio
68.8%
69.6%
+0.8%pt
Total Liabilities
66,299
70,763
+4,464
and Net Assets
4
Operating Profit Changes
Significant Impact of Increase in Gross Profit
(Million yen)
+162
+839
Negative Impact
Positive Impact
(+9.5%)
(+36.0%)
Personnel
Advertising
Expenses
+56
3,422
Expenses
(+18.8%)
+3,747
R&D
+581
（+52.6%）
Expenses
(+39.7%)
Others
1,314
SGA +1,639（+28.2%）
FY22/3 Gross Profit
FY23/3
1Q
1Q
5
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YONEX Co. Ltd. published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2022 15:26:08 UTC.
YONEX CO., LTD. is a Japan-based company mainly engaged in the manufacture and sale of sporting goods, and the operation of sports facilities. The Company operates through two business segments. The Sporting Goods segment is mainly engaged in the manufacture, purchase and sale of sporting goods, including badminton rackets, soft tennis rackets, tennis rackets, golf clubs, snowboards, shuttlecocks and strings. The Company distributes it's products within the domestic market and to overseas markets, including Americas, Europe, and Asia. The Sports Facilities segment is mainly engaged in the management and operation of golf courses, tennis driving ranges and golf driving ranges.
YONEX CO., LTD. 
