Strong growth in fishing more than offset listless bike component sales in the first quarter, pushing revenues 4% higher to ¥117,644 million ($749.9 mm) from ¥113,539 million, with net income jumping 31% to ¥12,814 million ($81.7 mm) from ¥9,786 million. The bottom line was boosted by a ¥6,454 million positive swing in foreign exchange impacts, which more than offset a 410-basis-point contraction in gross margin to 35.6% and operating expenses that were 9% higher, up 120 b.p. as a percent of sales.

Bicycle segment sales inched down 1% to ¥87,361 million, but ... Log in to view full article.