Higher raw-material costs for sporting guns and insufficient price pass-through
First written in FY2016. 5 of 14 entries say "Worsened", first in FY2020. Latest entry: 2026-09-11.
Miroku moved to the "Worse" side of this theme in 2024, 3 years after the typical company in this theme (2021).
The whole theme swung hardest in 2021: 18 of 27 companies on the "Worse" side.
10 other companies' latest entry also says "Worsened".
- 2026-09-11WorsenedEarnings
「Although depreciation and amortization expenses related to impairment losses on fixed assets recorded through the end of the previous fiscal year had fallen away, profit was substantially below the same period of the previous year because the impact of higher raw material prices and other factors was substantial and we have still been unable to pass the resulting cost increases on to selling prices.」
Higher raw material prices and insufficient price pass-through continued, and profit in the hunting firearms business was substantially below the previous year despite the reduction in depreciation and amortization expenses. - FY2026-H1WorsenedAnnual report
「Although depreciation expenses declined following the recognition of impairment losses on fixed assets through the end of the previous fiscal year, profit declined year on year because the impact of soaring raw material prices and other factors was significant and the higher costs still could not be passed on to selling prices.」
Despite the decline in depreciation expenses, continued soaring raw material prices and the inability to pass higher costs on to selling prices became factors reducing profit in the hunting firearm business. - FY2024MaterialisedAnnual report
「Although orders from the Browning Group, the OEM customer supplied with our products, remained solid, the temporary production stoppage caused by manufacturing-process defects during the second quarter, the disposal of excess components associated with the transition to new products, and continuing increases in raw material costs had a significant adverse impact on revenue and profit.」
Sustained soaring raw material prices, together with the inability to fully pass higher manufacturing costs on to selling prices, actually reduced profit in the hunting firearm business. - FY2024-Q2WorsenedAnnual report
「Profit was also significantly lower than in the same period of the previous year due to the impact of lower revenue and unexpectedly steep increases in raw material prices, among other factors.」
It explains that soaring raw material prices actually reduced profit, with the impact intensifying this time as prices rose more sharply than expected. - FY2024-Q1MaterialisedAnnual report
「Soaring prices for imported components due to persistently high domestic prices and the weaker yen had a significant impact.」
Higher domestic prices and imported component prices caused by the weaker yen continued to have an actual impact on profit in the hunting firearm business. - FY2023MaterialisedAnnual report
「Meanwhile, soaring domestic prices and higher prices for overseas components due to the weaker yen had a significant impact.」
It explains that higher prices for overseas components actually affected profit in the hunting firearm business. - FY2022RestatedAnnual report
「Because the specialized nature of these raw materials limits the number of suppliers, there is a risk that deliveries may cease if a small supplier becomes insolvent, withdraws from the business or suffers a disaster. These risks have increased as a result of the COVID-19 pandemic.」
The risks of reliance on a limited number of suppliers for specialized raw materials and components, supplier bankruptcies, withdrawals from the business and damage from disasters, and difficulty procuring supplies due to infectious diseases continue to be cited. - FY2021RestatedAnnual report
「As a result, taking into account the impact of COVID-19, we forecast consolidated full-year results for the next fiscal year of net sales of ¥11,230 million, down 17.7% year on year, operating income of ¥680 million, up 67.0%, ordinary income of ¥820 million, up 38.8%, and net income attributable to owners of the parent of ¥550 million, up 81.3%.」
Although the Company targets higher profits through cost reductions, the decline in profit in the hunting firearm business for the current fiscal year is explained mainly by a lower proportion of high-value-added models and higher depreciation expenses; it does not explicitly state that higher raw material prices had materialized as an actual factor. - FY2021-Q3MaterialisedAnnual report
「Profit declined substantially from the same period of the previous year due to a decrease in high-value-added over-and-under shotguns, surging material costs, and higher depreciation expenses carried over from the previous fiscal year.」
It explains that the previously identified risk of higher raw material costs actually became a factor reducing profit in the hunting firearm business through soaring material expenses. - FY2020WorsenedAnnual report
「These risks have increased due to the impact of COVID-19. In addition, if changes in the political, economic or other conditions of the countries from which overseas components are procured make procurement difficult, or if increases in raw material prices caused by exchange-rate fluctuations cannot be passed on to selling prices, this could affect the Group's operating results and financial position.」
In addition to the existing risks of higher raw material prices and insufficient price pass-through, it states that the COVID-19 pandemic increased the risks of dependence on a limited number of suppliers, supplier bankruptcies or withdrawals from the business, damage from disasters, and difficulty procuring supplies due to overseas conditions. - FY2018RestatedAnnual report
「If increases in the cost of gun components made from specialty steel and walnut resulting from higher raw-material prices cannot be sufficiently passed through into product prices, business performance could be affected.」
The risks of higher specialty steel and walnut prices for hunting firearms and insufficient price pass-through are reiterated. - FY2016First statedAnnual report
「If increases in the cost of gun components made from specialty steel and walnut resulting from higher raw-material prices cannot be sufficiently passed through into product prices, business performance could be affected.」
The company describes the potential earnings impact of being unable to pass through higher specialty-steel and walnut costs into product prices.