Notice: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
August 3, 2023
Consolidated Financial Results
for the Three Months Ended June 30, 2023
(Based on Japanese GAAP)
Company name: | GOLDWIN INC. |
Stock exchange listing: | Tokyo |
Securities code: | 8111 |
URL: | https://corp.goldwin.co.jp/eng/ |
Representative: | Takao Watanabe, President and Representative Director |
Inquiries: | Michio Shirasaki, Senior Managing Director, Director-General Administration |
TEL: | +81-3-3481-7203 |
Scheduled date to file Quarterly Securities Report: | August 14, 2023 |
Scheduled date to commence dividend payments: | - |
Preparation of supplementary material on quarterly financial results: Yes | |
Holding of quarterly financial results meeting: | No |
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
(1) Consolidated operating results (cumulative) | (Percentages indicate year-on-year changes) | ||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||||||
owners of parent | |||||||||||||
Three months ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |||||
June 30, 2023 | 23,150 | 9.7 | 2,263 | (0.1) | 4,172 | 23.9 | 3,347 | 28.6 | |||||
June 30, 2022 | 21,099 | 23.5 | 2,266 | 99.6 | 3,368 | 98.5 | 2,603 | 110.8 | |||||
Note: Comprehensive income | Three months ended June 30, 2023: | ¥3,267 million | [(10.1)%] | ||||||||||
Three months ended June 30, 2022: | ¥3,636 million | [99.6%] | |||||||||||
Earnings per | Diluted earnings | ||||||||||||
share | per share | ||||||||||||
Three months ended | Yen | Yen | |||||||||||
June 30, 2023 | 74.30 | - | |||||||||||
June 30, 2022 | 57.74 | - |
(2) Consolidated financial position
Total assets | Net assets | |
As of | Millions of yen | Millions of yen |
June 30, 2023 | 112,512 | 79,382 |
March 31, 2023 | 118,517 | 80,056 |
Reference: Equity | ||
As of June 30, 2023 | ¥79,282 million | |
As of March 31, 2023 | ¥79,914 million |
Equity ratio
%
70.5
67.4
2. Cash dividends
Annual dividends per share | ||||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | ||
Yen | Yen | Yen | Yen | Yen | ||
Year ended March 31, | - | 25.00 | - | 85.00 | 110.00 | |
2023 | ||||||
Year ending March 31, | - | |||||
2024 | ||||||
Year ending March 31, | 30.00 | - | 85.00 | 115.00 | ||
2024 (Forecast) | ||||||
Note: Revisions to the forecast of cash dividends most recently announced: No |
3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
(Percentages indicate year-on-year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Earnings per | ||||||
owners of parent | share | |||||||||
Millions of | % | Millions of | % | Millions of | % | Millions of | % | Yen | ||
yen | yen | yen | yen | |||||||
Six months ending | 48,900 | 7.9 | 5,200 | (1.5) | 7,300 | (2.0) | 5,900 | 1.0 | 130.97 | |
September 30, 2023 | ||||||||||
Full year | 123,000 | 6.9 | 22,600 | 3.2 | 28,200 | 0.4 | 21,700 | 3.4 | 481.72 | |
Note: Revisions to the forecast of consolidated financial results most recently announced: No |
* Notes
- Changes in significant subsidiaries during the three months ended June 30, 2023 (changes in specified subsidiaries resulting in the change in scope of consolidation): No
- Application of special accounting methods for preparing quarterly consolidated financial statements: No
- Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
- Changes in accounting policies due to revisions to accounting standards and other regulations: No
- Changes in accounting policies due to other reasons: No
- Changes in accounting estimates: No
- Restatement of prior period financial statements: No
- Number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023 | 47,448,172 | shares |
As of March 31, 2023 | 47,448,172 | shares |
(ii) Number of treasury shares at the end of the period
As of June 30, 2023 | 2,363,655 | shares |
As of March 31, 2023 | 2,405,807 | shares |
(iii) Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2023 | 45,052,883 | shares |
Three months ended June 30, 2022 | 45,096,981 | shares |
- Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
-
Proper use of financial forecasts, and other special matters
Descriptions of the above financial forecasts and other data are based on information currently available to the Company and certain assumptions that we consider to be reasonable. Actual financial results may differ significantly from the forecasts for various reasons. Please refer to "1. Qualitative Information on Financial Results for the Period under Review, (3) Explanation of consolidated financial results forecasts and other forward-looking statements" on page 2 of the attached material for the suppositions that form the assumptions for the financial forecasts and cautions regarding the use of the financial forecasts.
Attached Material | ||
Index | ||
1. Qualitative Information on Financial Results for the Period under Review | 2 | |
(1) | Explanation of operating results | 2 |
(2) | Explanation of financial position | 2 |
(3) | Explanation of consolidated financial results forecasts and other forward-looking statements | 2 |
2. Quarterly Consolidated Financial Statements and Significant Notes Thereto | 4 | |
(1) | Quarterly consolidated balance sheet | 4 |
(2) | Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive | |
income | 6 | |
Quarterly consolidated statement of income (cumulative) | 6 | |
Quarterly consolidated statement of comprehensive income (cumulative) | 7 | |
(3) | Notes regarding quarterly consolidated financial statements | 8 |
(Notes regarding assumptions of going concern) | 8 | |
(Notes on significant changes in the amount of shareholders' equity) | 8 | |
(Segment information) | 8 |
- 1 -
1. Qualitative Information on Financial Results for the Period under Review
-
Explanation of operating results
During the three months ended June 30, 2023, the Japanese economy continued to characterized by uncertainties like the surge in raw material prices and inflation due to currency fluctuations, and economic activity showed signs of a full-fledged recovery as a result of the easing of restrictions on activities following the reclassification of COVID-19 as a Class V infectious disease.
Amid these conditions, sports activities that had been restricted under the COVID-19 pandemic have been restarting, and the Group's firm sales trends seen in the previous fiscal year have continued to be present since the beginning of first quarter. In particular, the recovery in inbound tourists has been ongoing, and physical stores, such as department stores, boutique stores, and outlet malls, are attracting an increasing number of customers, and as a result, sales including directly managed stores and wholesalers grew. Looking at sales by brand, outdoor brands such as THE NORTH FACE were strong contributors to overall growth. We saw some fallback in sales of gear-related products following the strong surge in demand in the previous fiscal year, but there was a full-fledged recovery for mountain climbing demand, and there is a growing trend of adopting high-performance materials for lifestyle wear. Recognizing such trends, our own brand Goldwin has not only been popular among inbound tourists, but also has been successful in capturing demand of younger segments, such as Generation Z, and is increasing the number of new customers in categories other than outdoor enthusiasts. Consequently, net sales were ¥23,150 million (up 9.7% year on year), the highest for a three-month period ended June 30.
Operating profit was ¥2,263 million (down 0.1% year on year). As a lead time of six to nine months is required for production, the gross profit margin lowered by 2.1 percentage points year on year to 50.6% due to a rise in raw material prices for the Spring-Summer collection that was ordered in Autumn of last year. Moreover, in terms of selling, general and administrative expenses, we implemented expenses with future growth in mind to enable sustainable growth during the phase of easing restrictions on activities. Ordinary profit was ¥4,172 million (up 23.9% year on year), mainly due to the strong performance of YOUNGONE OUTDOOR Corporation, an equity-method affiliate in South Korea. Also, profit attributable to owners of parent was ¥3,347 million (up 28.6% year on year), owing to the contribution of share of profit of entities accounted for using equity method. - Explanation of financial position
Total assets at the end of the period under review amounted to ¥112,512 million, down ¥6,005 million from the end of the previous fiscal year. The main factors were a ¥6,151 million decrease in cash and deposits and a ¥2,891 million decrease in notes and accounts receivable - trade, and contract assets, despite a ¥2,035 million increase in electronically recorded monetary claims - operating and a ¥1,709 million increase in investment securities.
Total liabilities at the end of the period under review amounted to ¥33,129 million, down ¥5,332 million from the end of the previous fiscal year. The main factors were a ¥3,035 million decrease in income taxes payable and a ¥1,861 million decrease in notes and accounts payable - trade.
Total net assets at the end of the period under review amounted to ¥79,382 million, down ¥673 million from the end of the previous fiscal year. The main factors were ¥3,953 million paid for dividends, despite the recording of ¥3,347 million in profit attributable to owners of parent and a ¥409 million increase in valuation difference on available-for-sale securities. Equity ratio was 70.5%. - Explanation of consolidated financial results forecasts and other forward-looking statements
Regarding our consolidated financial results forecasts for the six months ending September 30, 2023 and the fiscal year ending March 31, 2024, we have made no changes from our financial results forecasts announced on May 12, 2023.
If the spread of COVID-19 becomes serious again, it could have an impact on our financial results. However, since it is difficult to foresee future trends at this point, we do not anticipate any impact from this in our forecast of financial results. - 2 -
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Goldwin Inc. published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2023 08:05:04 UTC.