Globeride, Owner of Daiwa, Posts Q1 Profit Slump as Inventory Adjustments Bite

Globeride, the Japanese parent company of fishing tackle giant Daiwa, saw profit payable to shareholders slump by nearly 25 percent in the first quarter of its financial year, even as group revenue rose 6 percent — a result that highlights how inventory swings, currency moves and uneven regional demand are still shaping the global tackle market.

For the three months ended June 30, 2026, Globeride reported group sales of 33,701 million yen, up from 31,691 million yen in the same quarter last year. Profit attributable to shareholders, however, fell 24.1 percent to 1,345 million yen (from 1,773 million yen), while operating profit dropped 51 percent to 1,164 million yen. The company attributed the squeeze to temporary inventory adjustments and an unfavourable product mix.

Regional Picture: China Slow, US Recovering

The results carry a direct read-through for China’s fishing tackle industry. Globeride described progress in sales across China as “slow,” even as the rest of the Asia and Oceania region showed a recovery trend. Group sales in Asia and Oceania rose 30.7 percent to 14,827 million yen, but segment profit fell 48.7 percent to 391 million yen, hit by product-mix changes and the elimination of unrealised profit tied to a temporary build-up in inventories from inter-company transactions.

In the United States, the market enjoyed a gradual recovery as the impact of tariff policies stabilised, delivering a 10.2 percent rise in sales to 4,983 million yen with segment profit up 0.6 percent. The group pushed into the lucrative bass fishing sector with the TATULA series and into the saltwater space with the ICAST award-winning BG series of spinning reels — moves that underscore how premium brand owners are defending shelf space in the world’s largest tackle market.

Europe showed gradual signs of recovery with revenue up 18.4 percent to 5,550 million yen and segment profit up 32.7 percent to 460 million yen, though conditions varied country by country.

Domestic Launch Cycle

At home in Japan, net sales rose 20 percent year-on-year to 24,693 million yen, while segment profit slipped 21.5 percent to 1,528 million yen, mainly due to a deterioration in cost of sales from exchange-rate fluctuations. During the quarter Globeride launched the SEABORD electric reel and the EMERALDAS squid fishing rod to energise its domestic fishing tackle line-up.

Outlook

Globeride said the trading environment remains unpredictable, with high material and energy prices, heightened consumer caution and the depreciation of the yen. It nonetheless described a Japanese economy on a gradual recovery path, supported by an improved employment and income environment and steady progress in capital investment.

For Chinese OEM suppliers and exporters, the quarter offers two takeaway signals. First, premium Japanese brands are still navigating weak demand in China’s domestic market, where distribution-led growth remains harder to come by than in previous years. Second, the stabilisation of US tariff policy is showing up in the numbers of major importers — a cautiously positive sign for the export pipeline that feeds American shelves.

Source: Globeride financial results (Q1 FY2026, period ended June 30, 2026), as reported by industry sources.

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