YONEX CO., LTD.
7906・Standard Market・Other Products
Sporting Goods Business
YONEX's core business, manufacturing and selling sporting goods such as badminton and tennis equipment
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (external customers) | ¥163,091 million | ¥137,718 million | ↑ |
| Operating profit | ¥16,590 million | ¥14,444 million | ↑ |
| Segment assets | ¥142,943 million | ¥122,600 million | ↑ |
| Depreciation and amortization | ¥3,590 million | ¥3,245 million | ↑ |
| Increase in property, plant and equipment and intangible assets (capital expenditure) | ¥10,972 million | ¥7,573 million | ↑ |
| Japan segment net sales (external customers) | ¥64,092 million | ¥58,005 million | ↑ |
| Japan segment operating profit | ¥3,962 million | ¥3,694 million | ↑ |
| Asia segment net sales (external customers) | ¥85,562 million | ¥67,999 million | ↑ |
| Asia segment operating profit | ¥11,864 million | ¥9,712 million | ↑ |
| North America segment net sales (external customers) | ¥7,358 million | ¥6,354 million | ↑ |
| North America segment operating profit | ¥256 million | ¥560 million | ↓ |
| Europe segment net sales (external customers) | ¥6,077 million | ¥5,359 million | ↑ |
| Europe segment operating profit | ¥506 million | ¥477 million | ↑ |
| China net sales (within Asia segment) | ¥77,756 million | ¥61,125 million | ↑ |
Business Details
Manufactures and sells badminton equipment, tennis equipment, golf equipment, and other products. In addition to domestic manufacturing sites, the company has overseas manufacturing subsidiaries in Taiwan, India, and Thailand, and sells globally through local subsidiaries in Japan, Asia (China, Taiwan), North America (US, Canada), and Europe (UK, Germany), together with distributors in each country. As the core segment accounting for over 99% of consolidated net sales, growth is being driven by expanding brand awareness stemming from the strong performance of sponsored athletes in international competitions, together with solid demand in the Asian market.
Recent Overview
Net sales increased in all regions, reaching record-high sales and profit led by Asia
In FY2026 (ending March 2026), the Sporting Goods Business posted net sales of ¥163,091 million (up 18.4% year on year) and operating profit of ¥16,590 million (up 14.9% year on year), both record highs. The Asia segment drove overall performance with net sales of ¥85,562 million (up 25.8% year on year) and operating profit of ¥11,864 million (up 22.2% year on year), of which China accounted for net sales of ¥77,756 million (up 27.2% year on year). Japan and Europe also achieved higher sales and profit. Meanwhile, North America saw sales increase but operating profit fell sharply to ¥256 million (down 54.2% year on year) due to increases in DTC-related costs, personnel expenses, and advertising expenses.
Key Products
Growth Drivers
- Continued solid trends in the badminton market in Asia (particularly China and Taiwan), together with grassroots promotional activities and strengthened "Head to Toe" proposals
- Expansion of brand awareness leveraging the strong performance of sponsored athletes in international competitions and the success of marketing initiatives (sales growth of tennis equipment in Europe and North America)
- Global sales expansion of other products such as apparel and bags, underpinning growth for the business as a whole
- Promotion of the DTC (Direct to Consumer) strategy: strengthening brand touchpoints through the US e-commerce site and pop-up store rollout
- Enhanced supply capability through strengthening of the global manufacturing framework, including manufacturing subsidiaries in India and Thailand
- Advancement of initiatives across regional composition, marketing, IT, and manufacturing based on the mid- to long-term vision "Global Growth Strategy (GGS)"
Risks
- Impact of foreign exchange fluctuations on yen-translated sales and profit of overseas subsidiaries (FY2026 (ending March 2026) actual rates: USD ¥149.70, RMB ¥20.81, EUR ¥168.99)
- Expansion of SG&A expenses due to increases in global marketing investment, personnel expenses, and DTC-related costs (in North America, operating profit fell 54.2% year on year despite higher sales)
- Impact of rising raw material prices on gross profit margin
- Risk of sales concentration in East Asia (China and Taiwan) (Asia segment external customer sales account for approximately 52% of the overall business, of which China accounts for approximately 48%)
- Sustainability of the brand awareness and demand generation model, which relies on the performance of sponsored athletes at international competitions
- Uncertainty going forward due to heightened geopolitical risk and rising raw material and logistics costs
Last updated: June 17, 2026