The high-end Japanese golf club maker reported a ¥264.2 million ($1.7 mm) loss for the fiscal year ended Mar. 31 against a ¥4,828.1 million profit, on revenues that declined 17% to ¥21,672.1 million ($143.1 mm) from ¥26,222.9 million in a cooling market. Gross margin expanded by 310 basis points to 54.4%, helped by rising profitability of ball, apparel, and accessories sales. SG&A bulged 6% in yen and increased 1130 b.p. as a percent of sales, with selling and distribution expenses up 5% ... Log in to view full article.