Goldwin Inc, which holds the rights to license and/or distribute 23 sporting goods brands in Japan and other Asian markets, reported profits grew more than twice as fast as sales in the six months ended Sept. 30.
The Japanese company’s brand portfolio includes The North Face, Helly Hansen, Filson, Icebreaker, Fischer, Speedo, Champion and Danskin.
Sales reached ¥24.5 billion ($247 mm), up 1.6 percent from the comparable period in 2012. Gross profit grew 3.3 percent to ¥10.3 billion ($104 mm), or 42.2 percent of revenues, up 70 basis point compared with the first half of fiscal 2013. Operating income rose 30 percent to ¥526 million ($5 mm), while net income rose 4.1 percent to ¥708 million ($7 mm).
The company ended the period with merchandise and finished goods valued at ¥10.4 billion ($105 mm), up 14.7 percent since March 31, 2013. Work in process increased 66.7 percent to ¥130 million ($1 mm) during that period.
Goldwin now expects net sales for the fiscal year ending March 31, 2014 to reach ¥53 billion ($535 million) up 0.9 percent. Operating income is forecast to rise 1.0 percent to ¥3.2 billion ($32 mm) and net income is expected to decline 12.8 percent to ¥2.3 billion ($23mm).
