Globeride Profits Squeezed by Margin Pressures
The Japanese parent of Daiwa fishing and golf saw profit attributable to shareholders slump 24% to ¥1,345 million ($8.4 mm) from ¥1,773 million in the fiscal first quarter ended June 30, despite revenues coming in 6% higher at ¥33,701 million ($211.5 mm) from ¥31,691 million. Temporary inventory adjustments and an unfavorable product mix battered the bottom line. Gross margin narrowed 320 basis points to 36.3%, while SG&A was up 9% in yen, deleveraging 90 b.p. ... Log in to view full article.
