Daiwa owner upgrades sales revenue and operating profit forecast for year

Globeride – the Japanese owner of Daiwa – has upgraded its sales and operating profit forecast for the current financial year.

The group has told investors that it expects sales of 126,900 million yen compared to its previously forecast 125,000m and an operating profit increase of 6,500m compared to 5,400m yen.

The bullish update is despite what the group describes as factors that include geopolitical risks, heightened uncertainty and the increased burden on households from rising commodity prices. It said: “The markets of the outdoor sports and leisure industry, in which the company operates, showed a gradual recovery and market inventory conditions also began to stabilise.

“Under these situations, the company’s net sales exceeded the previously announced forecasts. In addition to our initiatives of productivity improvement and cost reduction, as well as an increase in receivables in foreign currencies, profit is expected to exceed previously announced forecasts.”