Growth in the operating margin and maximization of corporate value
First written in FY2018. 14 of 24 entries say "Restated". Latest entry: FY2027-H1.
The whole theme swung hardest in 2019: 14 of 100 companies on the "Worse" side.
- FY2027-H1AdvancedAnnual report
「Supported by the popularity of the 2026 model of the company's TOUR AD shafts in the U.S. market, order intake from foreign-affiliated club manufacturers remained strong, causing sales volumes for the company's branded shafts to exceed initial expectations. In addition, favorable foreign exchange movements contributed positively, leading to higher revenue and an improved gross profit margin, with revenue and profit at each stage exceeding the initial earnings forecast. As a result, results for the interim accounting period were revenue of ¥1,877.965 million, up 42.9% year on year, operating income of ¥381.897 million, up 880.4%, ordinary income of ¥417.064 million, up 1,239.2%, and interim net income of ¥294.111 million, up 1,561.8%.」
Revenue and profit at each stage exceeded the initial earnings forecast, driven by the popularity of the TOUR AD2026 model in the U.S., orders from foreign-affiliated club manufacturers, and foreign exchange movements. The company demonstrated measurable progress toward its interim-period management targets. - FY2026Failure to meet the management targets for the fiscal year ending February 2026Annual report
「① Initial plan, fiscal year ending February 2026 2,766,843 307,991 11.1 ② Actual results, fiscal year ending February 2026 2,711,902 156,533 5.8 Change ②－① △54,941 △151,458 △5.3」
Against the initial plan for the fiscal year ending February 2026 of revenue of ¥2,766.843 million, operating income of ¥307.991 million, and an operating margin of 11.1%, actual results were revenue of ¥2,711.902 million, operating income of ¥156.533 million, and an operating margin of 5.8%, falling short of the plan. - FY2026-H1RestatedAnnual report
「During the interim accounting period, there were no material changes to the business and financial issues that we should address as priorities.」
The company states that there have been no material changes to its priority issues, including growth in the operating margin and maximization of corporate value. - FY2025AchievedAnnual report
「① Initial plan, fiscal year ending February 2025 2,740,074 209,286 7.6 ② Actual results, fiscal year ending February 2025 3,074,054 534,450 17.4 Change ②－① 333,980 325,164 9.8」
Against the initial plan for the fiscal year ending February 2025 of revenue of ¥2,740.074 million, operating income of ¥209.286 million, and an operating margin of 7.6%, actual results were revenue of ¥3,074.054 million, operating income of ¥534.45 million, and an operating margin of 17.4%, exceeding the plan. - FY2025-H1RestatedAnnual report
「During the interim accounting period, there were no material changes to the business and financial issues that we should address as priorities.」
The company states that there have been no material changes to its priority issues, including growth in the operating margin and maximization of corporate value. - FY2025-Q1RestatedAnnual report
「There were no material changes during the cumulative first quarter to the business and financial challenges that the Company should address as a priority.」
The company states that there have been no material changes to its priority issues, including growth in the operating margin and maximization of corporate value. - FY2024Failure to achieve management targets for the fiscal year ending February 2024Annual report
「① Initial plan, fiscal year ending February 2024 3,600,000 800,000 22.2 ② Actual results, fiscal year ending February 2024 2,652,847 152,466 5.7 Change ②－① △947,153 △647,534 △16.5」
Against the initial plan for the fiscal year ending February 2024 of revenue of ¥3,600 million, operating income of ¥800 million, and an operating margin of 22.2%, actual results were revenue of ¥2,652.847 million, operating income of ¥152.466 million, and an operating margin of 5.7%, falling short of the plan. - FY2024-Q3RestatedAnnual report
「There were no material changes during the first nine months of the current fiscal year in the business and financial issues that the Company should address as a priority.」
The company states that there have been no material changes to its priority issues, including growth in the operating margin and maximization of corporate value. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter period, there were no material changes to the business and financial issues that the company should prioritize addressing.」
The company states that there have been no material changes to its priority issues, including growth in the operating margin and maximization of corporate value. - FY2024-Q1RestatedAnnual report
「There were no material changes during the cumulative first quarter to the business and financial challenges that the Company should address as a priority.」
The company states that there have been no material changes to its priority issues, including growth in the operating margin and maximization of corporate value. - FY2023AchievedAnnual report
「Regarding the achievement of management policies, management strategies, and management targets for the fiscal year, the company was able to achieve the initially planned figures despite the continuing impact of COVID-19 and other factors, as the golf industry recovered and order volumes increased. The results were as follows: Revenue (¥ thousands) Operating income (¥ thousands) Operating margin (%) ① Initial plan, fiscal year ending February 2023 3,100,000 500,000 16.1 ② Actual results, fiscal year ending February 2023 3,551,282 770,919 21.7 Change ②－① 451,282 270,919 5.6」
Against the plan for the fiscal year ending February 2023 of revenue of ¥3,100 million, operating income of ¥500 million, and an operating margin of 16.1%, actual results were revenue of ¥3,551.282 million, operating income of ¥770.919 million, and an operating margin of 21.7%, exceeding the plan. - FY2022AchievedAnnual report
「Regarding the achievement of management policies, management strategies, and management targets for the fiscal year, the company was able to achieve the initially planned figures despite the continuing impact of COVID-19 and other factors, as the golf industry recovered and order volumes increased. The results were as follows: Revenue (¥ thousands) Operating income (¥ thousands) Operating margin (%) ① Initial plan, fiscal year ending February 2022 2,553,000 157,000 6.1 ② Actual results, fiscal year ending February 2022 3,332,897 704,124 21.1 Change ②－① 779,897 547,124 15.0」
Against the initial plan for the fiscal year ending February 2022 of revenue of ¥2,553 million, operating income of ¥157 million, and an operating margin of 6.1%, actual results were revenue of ¥3,332.897 million, operating income of ¥704.124 million, and an operating margin of 21.1%, exceeding the plan. - FY2022-Q3RestatedAnnual report
「There were no material changes during the first nine months of the current fiscal year in the business and financial issues that the Company should address as a priority.」
The company states that there have been no material changes to its priority issues, including growth in the operating margin and maximization of corporate value. - FY2021AchievedAnnual report
「Regarding the achievement of management policies, management strategies, and management targets for the fiscal year, the company had left them undecided for the first half due to the impact of COVID-19, but was able to achieve the initially planned figures in the second half as the golf industry recovered and order volumes increased. The results were as follows: Revenue (¥ thousands) Operating income (¥ thousands) Operating margin (%) ① Initial plan, fiscal year ending February 2021 2,560,000 153,200 6.0 ② Actual results, fiscal year ending February 2021 2,604,225 198,437 7.6」
The targets that had temporarily been left undecided were achieved or exceeded based on the initial plan for the fiscal year ending February 2021: revenue of ¥2,560 million, operating income of ¥153.2 million, and an operating margin of 6.0%, versus actual results of ¥2,604.225 million, ¥198.437 million, and 7.6%, respectively. - FY2021-Q3ReframedAnnual report
「The company had established the operating margin as a management target, but first-half revenue and profit at each stage decreased significantly due to lower order volumes resulting from stagnant business activity at golf club manufacturers and the decline in personal consumption. In addition, as the outlook for containment of COVID-19 infections and the future business environment amid a third wave of infections remained uncertain, the company set its revenue target for the fiscal year ending February 2021 at ¥2,450 million, but decided not to set an operating margin target because the relevant conditions differed.」
The company had previously left its operating margin target and other target figures undecided, but changed to setting a revenue target of ¥2,450 million for the fiscal year ending February 2021 while not setting an operating margin target. - FY2021-Q2RestatedAnnual report
「The company had established the operating margin as a management target, but order volumes for golf shafts and other products are expected to decline due to stagnant business activity at golf club manufacturers, while revenue and profit at each stage are also expected to decrease significantly due to the decline in personal consumption and other factors. As the outlook for containment of COVID-19 infections, the details of economic support measures, and the economic recovery remains uncertain, it has become difficult to calculate full-year performance targets. Accordingly, the company has left its management target figures and other such targets temporarily undecided.」
The company had established the operating margin as a management target, but continues to leave its full-year performance targets and other target figures undecided, citing lower order volumes and personal consumption and uncertainty regarding the economic recovery. - FY2021-Q1SoftenedAnnual report
「The company had established the operating margin as a management target, but order volumes for golf shafts and other products are expected to decline due to stagnant business activity at golf club manufacturers, while revenue and profit at each stage are also expected to decrease significantly due to the decline in personal consumption and other factors. As the outlook for containment of COVID-19 infections, the details of economic support measures, and the economic recovery remains uncertain, it has become difficult to calculate full-year performance targets. Accordingly, the company has temporarily left its management target figures and other such targets undecided.」
The company has temporarily left its full-year performance targets and management target figures undecided, citing lower orders and consumption due to COVID-19 and other factors, as well as uncertainty regarding the economic recovery, despite previously setting the operating margin as a management target. - FY2020-Q3RestatedAnnual report
「During the cumulative third-quarter period, there were no material changes to management policies, management strategies, or other such matters, nor were any new management policies or strategies established.」
The company states that there have been no material changes to its management policies and strategies, including growth in the operating margin and maximization of corporate value. - FY2020-Q2RestatedAnnual report
「During the cumulative second-quarter period, there were no material changes to management policies, management strategies, or other such matters, nor were any new management policies or strategies established.」
The company states that there have been no material changes to its management policies and strategies, including growth in the operating margin and maximization of corporate value. - FY2020-Q1RestatedAnnual report
「During the cumulative first-quarter period, there were no material changes to management policies, management strategies, or other such matters.」
The company states that there have been no material changes to its management policies and strategies, including growth in the operating margin and maximization of corporate value. - FY2019RestatedAnnual report
「We aim to maximize corporate value while pursuing medium- to long-term growth in sales and profit and improving our production structure. As a management target, we have set growth in the operating margin.」
The company has reconfirmed its management targets of medium- to long-term revenue and profit growth, improvements to its production structure, maximization of corporate value, and growth in the operating margin. No specific numerical targets or deadlines were provided. - FY2019-Q3RestatedAnnual report
「During the cumulative third-quarter period, there were no material changes to management policies, management strategies, or other such matters, nor were any new management policies or strategies established.」
The company states that there have been no material changes to its management policies and strategies, including growth in the operating margin and maximization of corporate value. - FY2019-Q2RestatedAnnual report
「During the cumulative second-quarter period, there were no material changes to management policies, management strategies, or other such matters, nor were any new management policies or strategies established.」
The company states that there have been no material changes to its management policies and strategies, including growth in the operating margin and maximization of corporate value. - FY2018First statedAnnual report
「We aim to maximize corporate value while pursuing medium- to long-term growth in sales and profit and improving our production structure. As a management target, we have set growth in the operating margin.」
The company targets medium- to long-term sales and profit growth, improvements to its production structure and maximization of corporate value, with growth in the operating margin as a management indicator. No numerical target or deadline is disclosed.