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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Descente
Descente (8114) investor relations material
Descente has been delisted
Descente Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Nov, 2024
Executive summary
Net sales rose 4.7% year-over-year to ¥62,818 million in Q2 FY2024, driven by yen depreciation, FX effects, and strong growth of "DESCENTE" and "umbro" brands in Japan and South Korea.
Ordinary and net income reached record Q2 highs for the third consecutive year, supported by increased equity in earnings of affiliates.
Operating income declined by 24.5% year-over-year to ¥3,134 million, mainly due to higher SG&A expenses for global promotions.
Net income attributable to owners of parent increased 10.0% year-over-year to ¥6,238 million.
Comprehensive income grew 25.1% year-over-year to ¥11,729 million.
Financial highlights
Gross profit margin improved to 61.1% (+1.3pt YoY) due to higher full-price sales, discount control, and increased DTC sales in Japan.
SG&A expenses rose 11.0% year-over-year to ¥35,247 million, mainly from higher advertising and promotional costs.
Ordinary profit climbed 14.2% year-over-year to ¥9,145 million, supported by strong equity-method affiliate performance.
Cash flow from operating activities rose to ¥2,294 million, up ¥2,057 million YoY, reflecting higher net income and dividend receipts.
Total assets reached ¥158,520 million, up ¥8,216 million from FY2023 Q4, with notable increases in investment securities and merchandise.
Outlook and guidance
FY2024 plan targets net sales of ¥130,000 million, operating income of ¥9,000 million, ordinary income of ¥17,000 million, and net income of ¥12,500 million.
No year-end dividend planned, subject to completion of ITOCHU subsidiary's tender offer.
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Frequently asked questions
Descente Ltd is a Japanese company specializing in the design, manufacture, and retail of sportswear and athletic equipment. The company’s product lineup includes apparel, footwear, and accessories for a variety of sports such as skiing, golf, running, and training. Known for its high-performance materials and advanced design, Descente collaborates with athletes to develop products that emphasize functionality, comfort, and style. The company markets its products under several brand names, serving both domestic and international customers across Asia, Europe, and North America through retail stores and online platforms. The company is headquartered in Osaka, Japan, and its shares are listed on the TSE.