- Half yr gross sales of JPY 11,872 million, up 31.1% and 12.1% as opposed to the similar duration of FY2020 and FY2019 respectively
- EBITDA greater by means of 4.6 occasions to JPY 2,635 million as in comparison to the similar duration remaining yr
- Interim dividend of JPY 1.5 in keeping with percentage
HONG KONG SAR – Media OutReach – 26 November 2021 – HONMA Golf Limited (“HONMA” or the “Group”; in conjunction with its subsidiaries, the “Group”; HKEx inventory code: 6858), one of the vital prestigious and iconic manufacturers within the golfing business, is happy to announce its consolidated effects for the six months ended 30 September 2021 (the “Period”).
Record gross sales expansion using visual enhancements in all monetary metrics
During the Period, the Group delivered tough expansion throughout maximum of its markets and product classes, leading to sure and visual enhancements in key monetary metrics.
Net gross sales had been JPY 11,872.0 million (similar to USD106.8 million) right through the duration, representing an important build up of 31.1% and 12.1% as in comparison with the similar duration of FY2020 and FY2019 respectively, marking a complete restoration from the adverse have an effect on of Covid -19.
Geographically, Japan and China led the way in which on the subject of expansion and rose by means of 105.9% and 54.0% respectively, whilst North America, Europe and Rest of the World adopted the way in which with double digit growths.
All product classes confirmed double if now not triple-digit expansion around the board, the place attire grew by means of 151.3% and golfing golf equipment by means of 23.9% in comparison to the similar duration remaining yr. The Group additionally made persisted inroads into membership functionality and non-club product classes because of steadfast execution of expansion methods by means of our international groups.
During the duration, the Group’s gross benefit margin climbed up by means of 4.1 share issues to 55.3%, in spite of robust provide chain headwinds.
Profit prior to tax was once JPY 1,746.5 million (similar to USD15.7 million), up from a lack of JPY 431.4 million for a similar duration remaining yr. Operating money drift remained robust, increasing by means of 43.7% to JPY 3,702.4 million (similar to USD33.3 million) within the Period.
The Board proposed an period in-between dividend of JPY 1.5 in keeping with percentage, amounting to a complete of JPY 908.5 million for the six months ended 30 September 2021, representing 67.3% of the Group’s distributable earnings for the Period.
Most markets demonstrated energetic expansion at complete throttle
Geographically, Japan demonstrated the best expansion, pushing up gross sales by means of 105.9% to JPY 3,821.6 million (similar to USD 34.4 million), at the again of an entire gross sales restoration in all channels and product classes. Another house marketplace, China, persisted to ship cast functionality, presenting a year-on-year gross sales expansion of 54.0% to JPY 3624.7 million (similar to USD 32.6 million), by means of persisted growth of the Group’s retail footprint and optimization of its product lineup.
Similarly, gross sales from North America, Europe and Rest of the World additionally greater considerably by means of 40.7%, 29.2% and 30.0%, respectively. Following a gentle easing of government-imposed social distancing regulations, HONMA resumed distribution community growth in North America and Europe and added 100 and 37 web issues of gross sales (“POS”) respectively, according to increasing build up in golfing participation in those markets and enhanced emblem consciousness.
South Korea fell on the other hand, underneath the similar duration remaining yr with gross sales declining by means of 31.0% to JPY 2,149.8 million (similar to USD 19.3 million), because of an sudden part shortfall. Up to the reporting date, such constraints were considerably relieved and shipments are anticipated to renew from December 2021.
All product classes recorded double if now not triple digit expansion
Thanks to persisted product building efforts and persisted marketplace penetration, the Group completed exceptional gross sales expansion throughout all product classes. The Group now gives an entire golfing way of life revel in via its intensive vary of HONMA-branded golfing golf equipment, golfing balls, attire and different equipment.
HONMA persisted to concentrate on membership merchandise that absolute best constitute conventional Japanese craftsmanship and leading edge generation to tailor to gamers within the super-premium and premium-performance segments. In January 2021, HONMA introduced its 2nd functionality enhancement membership set, the GS collection, concentrated on avid golfers of 8-20 handicaps. With deeper penetration into the functionality membership section, gross sales from golfing golf equipment, which account for 73.4% of the Group’s overall gross sales, greater by means of 23.9% to JPY 8,719.4 million (similar to USD 78.5 million) as in comparison to the similar duration remaining yr, reaffirming HONMA’s robust emblem fairness and its steady skill to resist financial demanding situations because it began within the golfing trade again in 1959.
Beyond golf equipment, HONMA has been often nurturing its non-club trade in Asia house markets as the most important pillar of its expansion methods.
Sales of attire greater by means of 151.3% to JPY 1,259.3 million (similar to USD 11.3 million) right through the duration, accounting for 10.6% of overall gross sales, because of persisted funding in product building, optimization of products making plans and advanced retail operations. With this, attire overtook balls and equipment to transform the second one greatest product class of HONMA, the primary time since its re-launch in Spring 2019.
Revenue from golfing balls grew often by means of 24.3% to JPY 1,153.7 million (similar to USD 10.4 million) right through this era therefore handing over a CAGR of 41.1% over the past six years. The Group additional applied its main R&D functions and introduced ball merchandise pivoting a pyramid product technique whilst often gaining thoughts and marketplace percentage.
Extended retail presence with greater same-store-sales (“SSS”) and surging e-commerce gross sales
During the Period, the Group additional expanded HONMA’s retail presence via location optimization, increased visible design and vending show to supply higher person reviews.
HONMA operates the most important selection of self-operated shops amongst primary golfing firms, offering shoppers with a 360-degree revel in of the HONMA emblem and its merchandise. During the duration, the selection of HONMA’s self-operated shops dropped somewhat by means of 3 to 77, whilst gross sales grew by means of 34.6% to JPY 3,516.1 million , demonstrating visual SSS expansion.
Sales from third-party shops and wholesalers greater by means of 29.7% to JPY 8,355.9 million (similar to USD 75.2 million) for the duration as retail operation stablized after Covid-19. In explicit, gross sales to the Group’s retail companions in Japan grew by means of 265.3% as maximum shops recovered from prolonged and lingering trade closure right through the pandemic. Total POS in all markets greater by means of 182 to 4,117 by means of the tip of the Period.
It is price noting that gross sales from the Group’s e-commerce channels jumped by means of 99% right through the Period. The Group recently operates e-commerce channels in China, Japan, South Korea and the USA and these types of markets reported report gross sales effects right through the Period, led by means of gross sales expansion from China of 114.9%. During the newest 2021 ‘Double 11’ e-commerce marketing campaign in China, overall GMV from HONMA’s Tmall and JD flagship shops greater than doubled in comparison with the similar duration remaining yr. Such tough expansion was once fueled by means of sped up virtual advertising efforts, specifically content material advertising and a full-channel manner, achieved by means of devoted e-commerce groups. The Group has noticed persisted momentum in e-commerce pushed by means of profound and sped up exchange in person habits and trade atmosphere via virtual transformation.
Re-defining the HONMA emblem
The Group made additional efforts to toughen its international emblem positioning and its communique and engagement with current and doable shoppers within the tremendous top rate and top rate functionality segments, to be able to re-define HONMA as a top rate, dynamic, fashionable and international emblem during the 360-degree HONMA revel in in retail shops, devoted buyer occasions and topical virtual content material. HONMA has been proactively attractive with more youthful internet-savvy golfers by means of ceaselessly updating its international site and social media platforms.
Through steady efforts lately, HONMA has received bolstered emblem consciousness and popularity within the international golfing group. In September 2021, HONMA was once featured by means of CNN Living Golf in its Tokyo Olympics episode, showcasing HONMA’s greater than 60 years of determination in opposition to top rate membership building.
With the worldwide easing of Covid-19 connected restrictions, the golfing business has noticed a rapid restoration and persisted build up in participation and buy passion international. HONMA has seen pent-up call for to play golfing, a visual build up in new and returning golfers and an uptick in new orders from each finish shoppers and shops. The Group absolutely expects the golfing business to settle into the brand new atmosphere.
Moving ahead, the Group will proceed to execute its long-term expansion approach to construct a world-leading golfing way of life trade by means of leveraging HONMA’s emblem legacy, increasing its distribution community, leading edge applied sciences and standard Japanese craftsmanship. In the face of persisted uncertainty posed by means of the Covid-19 pandemic, the Group will proceed to take proactive motion to optimize value, maximize liquidity and give protection to the well being of its workers.
The Group may even proceed to grow to be its emblem values into buyer loyalty, with the unique emblem revel in via its self-operated shops forming the center piece of HONMA’s new person touchpoints and performing as hubs to generate site visitors to HONMA’s intensive shop-in-shops, 1/3 -party shops, golfing lessons and on-line e-commerce platforms. The Group will additional build up marketplace percentage in its largest markets of Japan, South Korea and China by means of keeping up its main place within the super-premium section whilst making cast inroads into the fast-growing premium-performance section, and on the similar time striving to pivot expansion in North America and Europe according to up to date merchandise and a direct-to-consumer (DTC) distribution technique. In phrases of goods, the Group will proceed to nurture complementary non-club product strains to supply shoppers with an entire golfing way of life revel in, in addition to push ahead product innovation and building to cater to the most recent marketplace developments.
Mr. LIU Jianguo, Chairman of the Board, President and Executive Director of HONMA Golf Limited, mentioned, “We have seen a significant ramp-up of interest worldwide in playing golf, purchasing golf products and participating in the industry. Our global HONMA teams have spared no efforts to seize the opportunities and achieve excellent results across all product lines in most of our markets. Although challenges remain, especially with the pandemic continuing to affect mobility and supply chains and with global inflationary pressures, we are positive that our efforts will outpace the headwinds as we forge ahead with our growth strategies.”
 “Rest of the World” refers back to the markets HONMA operates in, except for Japan, South Korea, Mainland China and Hong Kong, North America and Europe
About HONMA Golf Limited
HONMA is without doubt one of the maximum prestigious and iconic manufacturers within the golfing business. Founded in 1959, the Group makes use of the most recent leading edge applied sciences and standard Japanese craftsmanship to supply golfers world wide with top rate, high-tech and the most productive acting golfing golf equipment, balls, apparels and equipment. HONMA’s merchandise are bought in roughly 50 nations international, essentially in Asia and throughout North America, Europe and different areas. The Group was once effectively indexed at the Main Board of The Stock Exchange of Hong Kong Limited on 6 October 2016 (SEHK inventory code: 6858). As the one vertically built-in golfing Group with in-house design, building and production functions, a robust retail footprint in Asia and a various vary of golfing golf equipment and golf-related merchandise, HONMA is completely located to repeatedly develop its trade in Asia and past , benefitting from the go back of golfers in mature golfing markets similar to the USA and Japan and from greater participation in golfing’s new and under-penetrated markets similar to Korea and China.
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