Yonex Co., Ltd., the Yokyo-based manufacturer and marketer of racquet sports and golf equipment, is giving a nod to “solid conditions in the sports market” for the fact that consolidated net sales reached a new record high for the fiscal year ended March 31, supported by “communications leveraging the achievements of Team Yonex athletes, Head to Toe proposals, and sales initiatives.”

Category Summary
(in Yen millions)

 

The company said Badminton sales increased both domestically (Japan) and overseas amid continued sports market activity, netting an increase of nearly 20 percent year-over-year (y/y) for the fiscal year. Tennis sales were also said to have risen domestically and overseas, increasing over 17 percent y/y, said to be supported by “improved brand recognition driven by the achievements of Team Yonex athletes.” Golf sales, which only amounts to 0.9 percent of total Yonex sales, were down nearly 12 percent y/y for the fiscal year. In the Others categories, which includes Apparel, Shoes, Snowboards, and Sports Cycles, sales increased mainly in China, led by Apparel and Accessories.

  • Badminton demand reportedly remained solid, supported by continued popularity, particularly in Asia. The category represents 62.2 percent of Yonex brand sales.
  • Tennis sales, which comprises 13.4 percent of total Yonex sales, grew as brand recognition increased, supported by the achievements of Team Yonex athletes at international tournaments..

Segment Summary
The Yonex business consists of the Sporting Goods division, which is divided into the four regional segments of Japan, Asia, North America, and Europe, and the Sports Facilities division, which only operates in Japan and represents just 0.3 percent of the Yonex business.

Japan Segment
Total Japan segment net sales grew 10.5 percent y/y to ¥64,092 million, or ¥64.1 billion.

In Badminton, domestic sales reportedly increased on solid demand, with strong sales of racquets across a wide price range, as well as shuttlecocks and strings. In Tennis, sales grew across categories, including racquets, shoes, and strings.

In the Overseas Distributor market, Badminton sales reportedly increased on firm demand in Asia and increased participation in sporting activities in Europe. In Tennis, Overseas Distributor sales grew, supported by marketing activities leveraging the achievements of Team Yonex athletes.

Operating profit in the Japan segment increased 7.3 percent y/y to ¥3.96 billion. Gross profit reportedly increased due to higher sales. Although the company said SGA expenses increased – mainly due to higher global advertising and personnel expenses – the increase in gross profit exceeded the increase in SGA expenses, resulting in higher operating profit for the fiscal year.

Asia Segment
Total Asia segment net sales jumped 25.8 percent to ¥85.6 billion in fiscal 2026.

In China, the Badminton market was said to have “remained solid.” Yonex said it focused on grassroots promotions and strengthening Head to Toe proposals, driving sales growth across a wide range of badminton products and other products, including apparel and bags. In Tennis, sales reportedly grew year-over-year, supported by marketing initiatives leveraging the adoption of our tennis balls as official tournament balls at international tournaments.

In Taiwan, sales of badminton racquets, shuttlecocks, and other products reportedly grew year-over-year, supported by the active badminton market and the achievements of Team Yonex athletes at international tournaments.

Operating profit in Asia grew 22.2 percent y/y to ¥11.8 billion. The company said gross profit increased due to higher sales. Although advertising expenses were said to have increased, mainly at the China subsidiary – reflecting enhanced marketing activities – the increase in gross profit exceeded this, resulting in higher operating profit.

North America Segment
Total North America segment net sales increased 15.8 percent y/y to ¥7.36 billion in fiscal 2026.

Sales of tennis products reportedly remained “solid,” said to be mainly driven by racquets. Badminton product sales also increased, supported by increased participation in sporting activities, while sales of Others products, including apparel, grew. Through DTC initiatives, including e-commerce sites and pop-up stores, we focused on strengthening direct customer touch points.

Operating profit in the North America segment fell 54.2 percent y/y to 256 million. Although gross profit reportedly increased due to higher sales, operating profit decreased as SGA expenses increased due to higher personnel expenses, marketing expenses, and costs associated with DTC initiatives.

Europe Segment
Total Europe segment net sales grew 13.4 percent y/y to ¥6.08 billion in fiscal 2026.

Tennis product sales reportedly increased, said to be mainly driven by racquets, as brand recognition grew, supported by the achievements of Team Yonex athletes. Badminton product sales also grew, mainly driven by racquets, as demand remained solid amid growing excitement around the sport, including from international tournaments.

Operating profit in Europe increased 6.2 percent to ¥506 million as the increase in gross profit due to higher sales exceeded the increase in SGA expenses, including personnel expenses and advertising expenses related to marketing activities.

Consolidated Profitability & Expenses
(in yen millions)

Despite the impact of higher raw material prices and foreign exchange rates, gross profit increased due to higher sales.

Although SGA expenses increased, mainly due to higher advertising expenses and personnel expenses, the increase in gross profit exceeded the increase in SGA expenses, resulting in record-high operating profit.

Forecast
Despite continued uncertainty in the external environment, Yonex said the sports market is expected to “remain solid to a certain extent.” Under the company’s Global Growth Strategy (GGS), Yonex said it will strengthen its growth foundation and aim for sustainable growth.

Image, data and tables courtesy Yonex Co., Ltd.