Net income was off 20% at ¥3,611 million ($23.0 mm) for the 9 months ended Mar. 31 from ¥4,499 million, despite sales that grew 6% to ¥207,139 million ($1,320.4 mm) over ¥196,030 million. Gross margin narrowed 60 basis points to 39.7%, while operating expenses gained 6% in yen to 37.5% of sales. Despite a sluggish golf market, sales inched up 3% to ¥68,757 million, driven by growth in second-hand clubs. Sports lifestyle grew 4% to ¥47,224 million, dragged down by casual due ... Log in to view full article.
