Snow Peak develops, manufactures, and sells high-end camping items: The company offers about 600 different products for campers, with main product categories including tents and tarps, cookware, tableware, and furniture. In FY12/14, it also entered the apparel business, which accounted for 12.5% of total sales in FY12/20. By region, Japan accounts for about 80% of sales while overseas operations (the US, Taiwan, South Korea, and UK) account for about 20%.

Premium products: Snow Peak’s product prices are 2–5x higher than competitors’ products. The company says it differentiates itself with user-driven product development.

User-driven development: Snow Peak has handled car camping goods for half of the 60 years since its founding. The company explains that based on its philosophy of user-driven development, it provides customers with products its own employees would use. Product development managers handle all stages from planning through outsourced manufacturing, and conduct repeated product testing under real conditions. All products come with lifetime guarantees. This allows the company to generate long-selling products that sell for relatively high prices.

Relationship with customers: Snow Peak builds close relationships with customers by organizing camping events and running social media sites. Shared Research understands this enables the company to reflect customer feedback in its product development and improvement, as well as encourages customers to recommend products to other customers.

Metalworking techniques of Tsubame-Sanjo: Snow Peak develops products in-house but outsources production to factories in the Tsubame-Sanjo region, where the company is headquartered. Snow Peak explains that the area is home to numerous metalworking factories that have the people, equipment, and expertise necessary to manufacture metal products. In FY12/20, of the 600 camping goods the company handled, about half were hardware and tableware, and the bulk of these goods were manufactured in the Tsubame-Sanjo area.

Lower distribution costs due to direct transactions: Snow Peak sells directly to retailers rather than through wholesalers. It says this approach keeps distribution costs down and lowers in-store prices by around 25%.

Trends and outlook

In FY12/20, the company reported consolidated sales of JPY16.8bn (+17.6% YoY), operating profit of JPY1.5bn (+61.6% YoY), recurring profit of JPY1.6bn (+61.1% YoY), and net income attributable to owners of the parent of JPY1.0bn (+146.4% YoY).

In November 2021, the company revised its full-year FY12/21 earnings forecast. The revised forecast calls for sales of JPY25.4bn (+51.5% YoY), operating profit of JPY3.7bn (+144.4% YoY), recurring profit of JPY3.8bn (+143.1% YoY), and net income attributable to owners of the parent of JPY2.4bn (+124.2% YoY). Compared to the previous forecast, the revised company forecast represented an increase of JPY900mn in sales, JPY650mn in operating profit, JPY720mn in recurring profit, and JPY550mn in net income attributable to owners of the parent. Amid a global trend to get closer to nature, cumulative Q3 sales progress was greater than expected, and the company judged that profits were also likely to come in higher than its previous expectations.

Under its medium-term business plan, Snow Peak is targeting FY12/23 sales of JPY29.0bn (CAGR of 20.0% versus FY12/20) and operating profit of JPY4.0bn (CAGR of 38.9%). The company expects sales growth in Japan to come from the expanding camping market and Snow Peak Way events held to stimulate experience-based spending. Overseas, it is looking to promote understanding of the functionality and quality of its products and increase sales of its merchandise by operating campgrounds and developing stores, with a focus on directly managed stores, and implementing a wholesale strategy involving setting up dedicated Snow Peak areas in outdoor retailers.

Strengths and weaknesses

Shared Research thinks Snow Peak’s strengths are differentiation through user-driven product development, access to Tsubame-Sanjo metalworking techniques, and low distribution costs due to cutting out wholesalers. We consider Snow Peak’s weaknesses to be the difficulty in differentiating designs despite prices being 2–3x higher than industry peers’, limited replacement demand due to high durability, and a low share of overseas markets amid a maturing domestic market. (See the Strengths and weaknesses section.)

Key financial data

Income statement		FY12/11	FY12/12	FY12/13	FY12/14	FY12/15	FY12/16	FY12/17	FY12/18	FY12/19	FY12/20	FY12/21
(JPYmn)		Par.	Cons.	Cons.	Cons.	Cons.	Cons.	Cons.	Cons.	Cons.	Cons.	Est.
Sales		3,250	3,693	4,487	5,559	7,854	9,222	9,910	12,071	14,261	16,765	25,400
	YoY	10.4%	13.6%	21.5%	23.9%	41.3%	17.4%	7.5%	21.8%	18.1%	17.6%	51.5%
Gross profit		1,603	1,774	2,222	2,710	3,606	4,649	4,931	6,433	7,720	9,275
	YoY	7.7%	10.6%	25.3%	21.9%	33.1%	28.9%	6.1%	30.5%	20.0%	20.1%
	Gross profit margin	49.3%	48.0%	49.5%	48.7%	45.9%	50.4%	49.8%	53.3%	54.1%	55.3%
Operating profit		60	37	113	231	568	853	-142	920	924	1,493	3,650
	YoY	-55.0%	-38.7%	207.1%	104.2%	145.7%	50.1%	-	-	0.4%	61.6%	144.4%
	Operating profit margin	1.9%	1.0%	2.5%	4.2%	7.2%	9.3%	-	7.6%	6.5%	8.9%	14.4%
Recurring profit		51	219	288	272	518	806	-39	883	963	1,551	3,770
	YoY	-40.6%	329.2%	31.8%	-5.7%	90.3%	55.6%	-	-	9.0%	61.1%	143.1%
	Recurring profit margin	1.6%	5.9%	6.4%	4.9%	6.6%	8.7%	-	7.3%	6.8%	9.3%	14.8%
Net income		23	133	177	116	285	485	-251	479	425	1,048	2,350
	YoY	-	484.5%	33.6%	-34.3%	144.6%	70.3%	-	-	-11.1%	146.4%	124.2%
	Net margin	0.7%	3.6%	4.0%	2.1%	3.6%	5.3%	-	4.0%	3.0%	6.3%	9.3%
Per-share data
Shares issued (year-end; '000)		88	88	88	1,760	7,040	7,040	14,080	15,480	17,490	17,490
EPS		-	25.9	34.6	22.3	43.3	17.3	-9.0	16.8	13.5	28.2	62.2
EPS (fully diluted)		-	-	-	-	-	-	-	16.6	13.4	-
Dividend per share		1	0.6	0.6	0.6	5.0	15.0	12.5	12.5	12.5	12.5	10.0
Book value per share		-	228.2	262.0	330.1	580.0	158.3	147.8	206.5	247.9	280.6
Balance sheet (JPYmn)
	Cash and cash equivalents	168	205	245	913	2,109	1,160	994	3,012	3,298	2,698
Total current assets		1,560	1,533	1,759	2,476	4,100	3,482	4,111	6,412	7,729	6,944
Tangible fixed assets		2,060	1,982	2,035	1,958	2,037	3,819	4,325	4,138	4,840	7,578
Investments and other assets		314	223	326	320	399	580	705	1,079	1,578	1,668
Intangible assets		96	227	243	237	307	419	702	589	767	676
Total assets		4,031	3,965	4,364	4,991	6,842	8,299	9,843	12,218	14,915	16,866
	Accounts payable	86	103	94	57	123	127	172	316	319	612
	Short-term interest-bearing debt	605	675	895	792	666	707	2,455	2,554	3,686	1,125
Total current liabilities		940	1,061	1,309	1,253	1,423	1,634	3,227	4,049	5,220	3,581
	Long-term interest-bearing debt	1,328	1,173	1,119	908	605	1,382	1,522	796	30	1,260
Total fixed liabilities		1,938	1,736	1,712	1,573	1,354	2,223	2,465	1,784	1,143	2,706
Total liabilities		-	2,796	3,021	2,826	2,777	3,857	5,692	5,833	6,363	6,287
Total net assets		1,153	1,169	1,342	2,164	4,065	4,442	4,150	6,385	8,552	10,579
Total interest-bearing debt		1,932	1,848	2,014	1,700	1,271	2,089	3,977	3,350	3,716	2,385
Cash flow statement (JPYmn)
Cash flows from operating activities		29	358	247	518	380	728	-287	1,437	496	2,957
Cash flows from investing activities		-666	-237	-360	-223	-370	-2,387	-1,661	-556	-1,949	-3,213
Cash flows from financing activities		442	-110	140	368	1,186	712	1,775	1,145	1,739	-316
Financial ratios
ROA (RP-based)		1.3%	5.5%	6.9%	5.8%	8.8%	10.6%	-	8.0%	7.1%	9.8%
ROE		2.0%	11.4%	14.1%	6.6%	9.1%	11.4%	-	9.1%	5.7%	11.0%
Equity ratio		28.6%	29.5%	30.8%	43.4%	59.4%	53.3%	42.1%	52.1%	57.2%	62.7%

Source: Shared Research based on company data
Note: Amounts in the table may differ from company data due to differences in rounding methods.
Note: Net income refers to net income attributable to owners of the parent.
Note: The company plans to carry out a 2-for-1 split of its common shares with an effective date of December 1, 2021. The per-share data from the above table are adjusted to reflect the stock split.

Recent updates

Releases Monthly Sales Data

2022-01-14

Snow Peak, Inc announced monthly sales and store count data for December 2021.

2021
By country/region		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Total		64.7%	59.3%	63.3%	132.2%	114.6%	53.7%	51.9%	26.6%	38.5%	45.2%	46.6%	19.3%
Japan		59.4%	60.9%	46.4%	140.0%	121.9%	52.5%	45.7%	19.4%	30.6%	34.6%	32.8%	6.7%
US		62.5%	67.2%	297.0%	104.8%	98.2%	31.9%	133.5%	31.5%	52.2%	40.0%	72.0%	60.4%
South Korea		109.4%	86.0%	117.7%	90.2%	73.8%	79.1%	19.3%	53.1%	72.5%	113.2%	137.9%	112.3%
Taiwan		52.8%	7.5%	37.5%	43.9%	91.5%	16.7%	29.2%	91.6%	86.4%	93.7%	54.5%	21.6%
Other overseas		254.1%	31.7%	339.7%	540.9%	367.3%	117.0%	311.4%	149.5%	73.0%	148.1%	127.7%	145.0%
By channel (Japan)		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Direct sales channels total		24.5%	64.7%	57.1%	170.4%	84.2%	36.0%	54.8%	10.7%	18.7%	29.8%	19.4%	9.0%
	Directly managed stores	12.0%	48.1%	40.9%	558.1%	247.0%	44.1%	57.9%	-2.8%	13.3%	25.2%	9.3%	4.8%
	Snow Peak online store	90.4%	153.2%	120.4%	10.8%	-20.6%	15.0%	45.7%	79.2%	39.9%	48.4%	68.7%	24.5%
Wholesale, other		90.5%	62.3%	41.3%	145.5%	131.9%	62.8%	47.0%	24.1%	37.9%	40.9%	38.4%	4.5%
Store count (Japan)		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Directly managed stores		33	31	31	32	33	33	33	33	33	33	33	33
In-store		70	71	73	73	73	73	73	73	71	71	71	71
Shop-in-shop		187	187	187	194	193	193	195	197	200	204	206	206
Entry stores		249	246	249	251	251	253	256	255	253	253	254	256

2020
By country/region		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Total								20.5%	45.3%	31.2%	57.1%	39.2%	33.1%
Japan								9.2%	38.8%	19.6%	53.2%	35.6%	27.9%
US								81.3%	99.4%	76.1%	54.3%	17.1%	96.7%
South Korea								144.6%	166.4%	197.6%	93.0%	75.3%	30.8%
Taiwan								93.3%	-3.3%	45.4%	87.8%	57.4%	32.0%
Other overseas								223.5%	21.2%	62.0%	83.3%	158.5%	141.9%
By channel (Japan)		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Direct sales channels total								8.5%	30.5%	10.6%	66.5%	46.1%	25.4%
	Directly managed stores							-4.3%	22.9%	4.2%	59.3%	43.9%	16.1%
	Snow Peak online store							76.9%	89.5%	45.2%	103.5%	58.2%	76.9%
Wholesale, other								8.2%	46.0%	28.5%	45.4%	37.5%	29.1%
Store count (Japan)		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Directly managed stores								30	31	33	33	33	33
In-store								72	72	70	70	70	70
Shop-in-shop								180	181	188	187	187	188
Entry stores								239	239	247	248	250	250

Revision of full-year forecast, and stock split

2021-11-15

On November 12, 2021, Snow Peak, Inc. announced a revised full-year earnings forecast.

Revised full-year FY12/21 earnings forecast

Sales: JPY25.4bn (previous forecast: JPY24.5bn)
Operating profit: JPY3.7bn (JPY3.0bn)
Recurring profit: JPY3.8bn (JPY3.1bn)
Net income attributable to owners of the parent: JPY2.4bn (JPY1.8bn)
EPS: JPY62.2 (JPY95.4)

Reason for revision

Amid a global trend to get closer to nature, cumulative Q3 sales progress was greater than expected, and the company judged that profits were also likely to come in higher than its previous expectations.

On the same day, the company announced a stock split and related partial amendment to its articles of incorporation, revised dividend forecast, and change to its shareholder incentive plan.

Stock split

With November 30, 2021, as the record date, the company will carry out a 2-for-1 split of its common shares. The effective date of the split is December 1, 2021. The increase in number of shares resulting from the split is shown below.

Total number of shares issued before the stock split: 19,070,000
Increase in the number of shares due to the stock split: 19,070,000
Total number of shares issued after the stock split: 38,140,000

Partial amendment to articles of incorporation

Effective December 1, 2021, the company will change the number of shares authorized to be issued to reflect the stock split.

Revision of dividend forecast

Accompanying the stock split, the company revised its year-end dividend per share forecast to JPY10. This simply reflects the stock split. The annual dividend per share forecast is effectively unchanged.

Change to shareholder incentive plan

The company changed its shareholder incentive plan to reflect the stock split.

Trends and outlook

Quarterly trends and results

Cumulative		FY12/20				FY12/21				FY12/21
(JPYmn)		Q1	Q1–Q2	Q1–Q3	Q1–Q4	Q1	Q1–Q2	Q1–Q3	Q1–Q4	% of Est.	FY Est.
Sales		3,105	6,574	11,421	16,765	5,046	11,673	18,393		72.4%	25,400
	YoY	9.8%	-4.2%	8.4%	17.6%	62.5%	77.6%	61.0%			51.5%
Gross profit		1,698	3,644	6,256	9,275	2,723	6,402	10,115
	YoY	15.5%	-0.4%	9.8%	20.1%	60.3%	75.7%	61.7%
	Gross profit margin	54.7%	55.4%	54.8%	55.3%	54.0%	54.8%	55.0%
SG&A expenses		1,693	3,381	5,463	7,782	2,163	4,788	7,558
	YoY	14.7%	6.0%	11.3%	14.5%	27.7%	41.6%	38.4%
	Gross profit margin	54.5%	51.4%	47.8%	46.4%	42.9%	41.0%	41.1%
Operating profit		5	263	794	1,493	560	1,613	2,557		70.1%	3,650
	YoY	-	-44.2%	0.4%	61.6%	-	513.5%	222.1%			144.4%
	Operating profit margin	0.2%	4.0%	7.0%	8.9%	11.1%	13.8%	13.9%			14.4%
Recurring profit		-14	248	801	1,551	630	1,714	2,696		71.5%	3,770
	YoY	-	-48.8%	-3.0%	61.1%	-	591.3%	236.4%			143.1%
	Recurring profit margin	-	3.8%	7.0%	9.3%	12.5%	14.7%	14.7%			14.8%
Net income		95	205	562	1,048	410	1,131	1,767		75.2%	2,350
	YoY	-	-39.4%	9.7%	146.4%	330.4%	450.9%	214.5%			124.2%
	Net margin	3.1%	3.1%	4.9%	6.3%	8.1%	9.7%	9.6%			9.3%
Quarterly		FY12/20				FY12/21
(JPYmn)		Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Sales		3,105	3,469	4,847	5,343	5,046	6,627	6,720
	YoY	9.8%	-14.1%	32.1%	43.3%	62.5%	91.0%	38.6%
Gross profit		1,698	1,945	2,613	3,019	2,723	3,679	3,713
	YoY	15.5%	-11.1%	28.3%	49.2%	60.3%	89.1%	42.1%
Gross profit margin		54.7%	56.1%	53.9%	56.5%	54.0%	55.5%	55.3%
	SG&A expenses	1,693	1,687	2,082	2,319	2,163	2,625	2,770
	YoY	14.7%	-1.4%	21.2%	22.7%	27.7%	55.6%	33.0%
Gross profit margin		54.5%	48.6%	43.0%	43.4%	42.9%	39.6%	41.2%
Operating profit		5	258	531	699	560	1,053	943
	YoY	-	-45.9%	66.5%	423.2%	-	308.3%	77.7%
	Operating profit margin	0.2%	7.4%	11.0%	13.1%	11.1%	15.9%	14.0%
Recurring profit		-14	261	554	750	630	1,084	983
	YoY	-	-48.3%	61.9%	448.0%	-	314.5%	77.5%
	Recurring profit margin	-	7.5%	11.4%	14.0%	12.5%	16.4%	14.6%
Net income		95	110	356	487	410	721	635
	YoY	-	-71.4%	105.9%	-	330.4%	555.3%	78.3%
	Net margin	3.1%	3.2%	7.4%	9.1%	8.1%	10.9%	9.5%

Source: Shared Research based on company data
Note: Amounts in the table may differ from company data due to differences in rounding methods.

Because Snow Peak primarily sells car camping goods, sales tend to be higher in Q2 and Q3 (spring to summer) than Q4 and Q1 (autumn to winter).

SG&A expenses

Cumulative			FY12/20				FY12/21
(JPYmn)			Q1	Q1–Q2	Q1–Q3	Q1–Q4	Q1	Q1–Q2	Q1–Q3	Q1–Q4
SG&A expenses			1,693	3,381	5,463	7,782	2,163	4,788	7,558
	YoY		14.7%	6.0%	11.3%	14.5%	27.7%	41.6%	38.4%
	Personnel expenses		779	1,553	2,429	3,397	944	2,153	3,316
		YoY	25.1%	14.1%	18.6%	20.5%	21.2%	38.7%	36.5%
	Rents		173	308	589	806	203	410	643
		YoY	5.4%	-5.7%	17.4%	18.0%	17.4%	33.1%	9.1%
	Depreciation		115	248	400	578	162	334	514
		YoY	3.6%	11.8%	19.9%	26.3%	40.8%	34.7%	28.6%
	Other		627	1,272	2,045	3,001	854	1,891	3,085
		YoY	8.2%	-0.5%	1.1%	5.8%	36.3%	48.6%	50.9%
Quarterly			FY12/20				FY12/21
(JPYmn)			Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
SG&A expenses			1,693	1,687	2,082	2,319	2,163	2,625	2,770
	YoY		14.7%	-1.4%	21.2%	22.7%	27.7%	55.6%	33.0%
	Personnel expenses		779	774	876	968	944	1,210	1,163
		YoY	25.1%	4.8%	27.5%	25.7%	21.2%	56.3%	32.7%
	Rents		173	135	282	217	203	207	233
		YoY	5.4%	-16.9%	60.2%	19.7%	17.4%	53.3%	-17.1%
	Depreciation		115	133	152	178	162	172	180
		YoY	3.6%	20.0%	36.0%	43.5%	40.8%	29.5%	18.7%
	Other		627	646	773	956	854	1,037	1,194
		YoY	8.2%	-7.7%	3.9%	17.5%	36.3%	60.6%	54.5%

Source: Shared Research based on company data
Note: Figures may differ from company data due to differences in rounding methods.

Number of stores

		FY12/20				FY12/21
		Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Directly managed stores			38	41	41	39	41	43
	Japan		30	33	33	31	33	33
	Overseas		8	8	8	8	8	10
In-store			72	70	70	73	73	71
	Japan		72	70	70	73	73	71
Shop-in-shop			197	208	208	210	219	228
	Japan		180	188	188	187	193	200
	Overseas		17	20	20	23	26	28
Entry stores			242	251	254	252	256	256

Source: Shared Research based on company data

Sales by business (including overseas sales)

Cumulative			FY12/20				FY12/21
(JPYmn)			Q1	Q1–Q2	Q1–Q3	Q1–Q4	Q1	Q1–Q2	Q1–Q3	Q1–Q4
Total sales			3,105	6,574	11,421	16,765	5,046	11,673	18,393
	YoY		9.8%	-4.2%	8.4%	17.6%	62.5%	77.6%	61.0%
	Outdoor		2,400	5,320	9,160	13,150	3,950	9,620	15,190
		YoY	14.1%	-2.9%	10.5%	19.3%	64.6%	80.8%	65.8%
	Apparel		410	710	1,290	2,100	620	1,120	1,780
		YoY	-7.4%	-6.6%	1.6%	13.5%	51.2%	57.7%	38.0%
	Urban Outdoor		30	80	100	180	60	130	220
		YoY	15.4%	0.0%	-23.1%	5.9%	100.0%	62.5%	120.0%
	Regional Revitalization		40	60	70	180	90	120	130
		YoY	-69.5%	-57.1%	-58.8%	-25.0%	125.0%	100.0%	85.7%
	Business Solutions		160	320	500	730	220	460	710
		YoY	31.1%	18.5%	13.6%	12.3%	37.5%	43.8%	42.0%
Quarterly			FY12/20				FY12/21
(JPYmn)			Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Total sales			3,105	3,469	4,847	5,343	5,046	6,627	6,720
	YoY		9.8%	-14.1%	32.1%	43.3%	62.5%	91.0%	38.6%
	Outdoor		2,400	2,920	3,840	3,990	3,950	5,670	5,570
		YoY	14.1%	-13.5%	36.7%	46.2%	64.6%	94.2%	45.1%
	Apparel		410	300	580	810	620	500	660
		YoY	-7.4%	-5.4%	13.7%	39.7%	51.2%	66.7%	13.8%
	Urban Outdoor		30	50	20	80	60	70	90
		YoY	15.4%	-7.4%	-60.0%	100.0%	100.0%	40.0%	350.0%
	Regional Revitalization		40	20	10	110	90	30	10
		YoY	-69.5%	122.2%	-66.7%	57.1%	125.0%	50.0%	0.0%
	Business Solutions		160	160	180	230	220	240	250
		YoY	31.1%	8.1%	5.9%	9.5%	37.5%	50.0%	38.9%

Source: Shared Research based on company data
Note: Figures may differ from company data due to differences in rounding methods.
Note: Business Solutions denotes sales from Snow Peak Business Solutions Inc., which is comprised of Camping Office sales and sales from the system development business of Heartis System & Consulting Inc. (acquired through absorption-type merger in January 2019).

Sales by region

Cumulative			FY12/20				FY12/21
(JPYmn)			Q1	Q1–Q2	Q1–Q3	Q1–Q4	Q1	Q1–Q2	Q1–Q3	Q1–Q4
Sales			3,105	6,574	11,421	16,765	5,046	11,673	18,393
	YoY		9.8%	-4.2%	8.4%	17.6%	62.5%	77.6%	61.0%
	Japan		2,560	5,170	9,090	13,440	3,950	8,980	14,120
		YoY	11.5%	-10.7%	1.0%	10.8%	54.3%	73.7%	55.3%
	US		160	420	720	1,060	350	800	1,300
		YoY	3.2%	20.0%	41.2%	45.2%	118.8%	90.5%	80.6%
	South Korea		180	570	1,000	1,340	370	1,080	1,720
		YoY	-3.7%	32.6%	69.5%	67.5%	105.6%	89.5%	72.0%
	Taiwan		130	260	360	510	180	360	530
		YoY	15.0%	23.8%	24.1%	34.2%	38.5%	38.5%	47.2%
	UK		20	40	80	130	90	200	330
		YoY	-	-	-	550.0%	350.0%	400.0%	312.5%
Quarterly			FY12/20				FY12/21
(JPYmn)			Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Sales			3,105	3,469	4,847	5,343	5,046	6,627	6,720
	YoY		9.8%	-14.1%	32.1%	43.3%	62.5%	91.0%	38.6%
	Japan		2,560	2,610	3,920	4,350	3,950	5,030	5,140
		YoY	11.5%	-25.3%	22.1%	39.0%	54.3%	92.7%	31.1%
	US		160	260	300	340	350	450	500
		YoY	3.2%	33.3%	87.5%	54.5%	118.8%	73.1%	66.7%
	South Korea		180	390	430	340	370	710	640
		YoY	-3.7%	60.5%	168.8%	61.9%	105.6%	82.1%	48.8%
	Taiwan		130	130	100	150	180	180	170
		YoY	15.0%	34.0%	25.0%	66.7%	38.5%	38.5%	70.0%
	UK		20	20	40	50	90	110	130
		YoY	-	-	-	-	350.0%	450.0%	225.0%

Source: Shared Research based on company data
Note: Figures may differ from company data due to differences in rounding methods.

Sales by sales channel (Japan)

Cumulative			FY12/20				FY12/21
(JPYmn)			Q1	Q1–Q2	Q1–Q3	Q1–Q4	Q1	Q1–Q2	Q1–Q3	Q1–Q4
Sales			2,560	5,170	9,090	13,440	3,950	8,980	14,120
	YoY		11.5%	-10.7%	1.0%	10.8%	54.3%	73.7%	55.3%
	Directly managed stores		620	1,060	1,950	3,060	810	1,810	2,870
		YoY	17.0%	-19.1%	-8.5%	4.8%	30.6%	70.8%	47.2%
		% of total	24.2%	20.5%	21.5%	22.8%	20.5%	20.2%	20.3%
	Snow Peak online store		130	480	710	970	280	630	990
		YoY	44.4%	140.0%	108.8%	102.1%	115.4%	31.3%	39.4%
		% of total	5.1%	9.3%	7.8%	7.2%	7.1%	7.0%	7.0%
	E-commerce (wholesale)		160	380	720	1,010	360	850	1,270
		YoY	-5.9%	-7.3%	7.5%	17.4%	125.0%	123.7%	76.4%
		% of total	6.3%	7.4%	7.9%	7.5%	9.1%	9.5%	9.0%
	In-store		590	1,260	2,300	3,400	850	2,020	3,070
		YoY	31.1%	-11.3%	5.5%	15.6%	44.1%	60.3%	33.5%
		% of total	23.0%	24.4%	25.3%	25.3%	21.5%	22.5%	21.7%
	Wholesale dealers		900	1,680	2,860	4,140	1,380	3,160	5,170
		YoY	15.4%	-17.2%	-4.7%	3.5%	53.3%	88.1%	80.8%
		% of total	35.2%	32.5%	31.5%	30.8%	34.9%	35.2%	36.6%
Quarterly			FY12/20				FY12/21
(JPYmn)			Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Sales			2,560	2,610	3,920	4,350	3,950	5,030	5,140
	YoY		11.5%	-25.3%	22.1%	39.0%	54.3%	92.7%	31.1%
	Directly managed stores		620	440	890	1,110	810	1,000	1,060
		YoY	17.0%	-43.6%	8.5%	40.5%	30.6%	127.3%	19.1%
		% of total	24.2%	16.9%	22.7%	25.5%	20.5%	19.9%	20.6%
	Snow Peak online store		130	350	230	260	280	350	360
		YoY	44.4%	218.2%	64.3%	85.7%	115.4%	0.0%	56.5%
		% of total	5.1%	13.4%	5.9%	6.0%	7.1%	7.0%	7.0%
	E-commerce (wholesale)		160	220	340	290	360	490	420
		YoY	-5.9%	-8.3%	30.8%	52.6%	125.0%	122.7%	23.5%
		% of total	6.3%	8.4%	8.7%	6.7%	9.1%	9.7%	8.2%
	In-store		590	670	1,040	1,100	850	1,170	1,050
		YoY	31.1%	-30.9%	36.8%	44.7%	44.1%	74.6%	1.0%
		% of total	23.0%	25.7%	26.5%	25.3%	21.5%	23.3%	20.4%
	Wholesale dealers		900	780	1,180	1,280	1,380	1,780	2,010
		YoY	15.4%	-37.6%	21.6%	28.0%	53.3%	128.2%	70.3%
		% of total	35.2%	29.9%	30.1%	29.4%	34.9%	35.4%	39.1%

Source: Shared Research based on company data
Note: Figures may differ from company data due to differences in rounding methods.

Q3 FY12/21 results

Sales: JPY18.4bn (+61.0% YoY)
Operating profit: JPY2.6bn (+222.1% YoY)
Recurring profit: JPY2.7bn (+236.4% YoY)
Net income attributable to owners of the parent: JPY1.8bn (+214.5% YoY)

In the outdoor industry, there was continued robust demand for outdoor leisure activities as activities that avoided the 3 C’s (confined spaces, crowds, and close-contact settings). Demand for camping also stayed strong, and it has moved up the ranks of leisure activities, even as the pandemic has settled down, as it becomes an all-year activity and people start to enjoy solo camping as well. This has resulted in an expansion of the camping customer base.

In cumulative Q3 FY12/21, all sales channels in all regions experienced growth. Wholesale channel (e-commerce, in-store sales, dealer wholesale) sales grew YoY due to increased selling space at its main wholesale customers, sporting goods retailers, amid strong sales of outdoor goods.

In November 2021 the company announced revisions to its FY12/21 full-year forecast. Compared to the previous forecast, the revised company forecast represented increases of JPY900mn in sales, JPY650mn in operating profit, JPY720mn in recurring profit, and JPY550mn in net income attributable to the owners of the parent. This came on the back of worldwide camping demand exceeding the company's expectations. It was Snow Peak’s second upward revision of its full-year forecast; the first took place in August 2021.

Versus the revised full-year FY12/21 company forecast, Q3 sales reached 72.4% (68.1% of full-year results in Q3 FY12/20), operating profit 70.1% (53.2%), recurring profit 71.5% (51.7%), and net income attributable to owners of the parent 75.2% (53.6%).

Factors affecting sales

Sales in all regions posted at least double-digit growth thanks to the strong performance of the Outdoor business. In Japan, sales through all sales channels also grew by at least double digits.

Sales in Japan

Sales in Japan grew 55.3% YoY to JPY14.1bn. They were higher YoY in all channels, despite some impact from the state of emergency declarations, with more people making outings in general and in-store customer traffic recovering from the temporary closures that took place due to the COVID-19 pandemic, as well as strong camping demand. According to Snow Peak, demand for camping goods has been growing since around June 2020, and even after June 2021, when this initial increase in demand has wound down, monthly sales have been rising at a double-digit clip.

By channel, sales through directly managed channels (directly managed stores and the company’s online store) grew 45.1% YoY, and sales through wholesale channels (in-store, regular wholesale, and e-commerce wholesale) grew 61.7% YoY. Wholesale channels (e-commerce, in-store, and dealer sales) continued to expand due to growing demand for outdoor products across the entire market, as did product volume and floor area at outdoor-related outlets.

Sales at directly managed stores were JPY2.9bn (+47.2% YoY). Despite a decline in customer traffic in stores in urban areas, comparable store sales rose 30.6% YoY to JPY2.3bn on the back of growth in camping demand. As of end-September 2021 the company had 33 directly managed stores in Japan (unchanged from end-FY12/20). In cumulative Q3, the company opened two new stores and closed two in urban areas.

Sales through the company’s online store came to JPY990mn (+39.4% YoY). As consumers refrained from going out due to the ongoing pandemic, the company’s online store saw robust sales, but the rate of sales growth was the weakest among all its sales channels. This likely is because Snow Peak mostly allocates its limited inventory to directly managed stores and wholesale sales to dealers where demand is relatively high. FY12/21 company initiatives to strengthen operations include increasing manufacturing capacity, and in July 2021 it brought on stream a new production line for tents and related products.

In-store sales were JPY3.1bn (+33.5% YoY). In Q1 and Q2 FY12/21, the company recorded double-digit growth YoY, but it remained single-digit in Q3 FY03/21. Growth by quarter amounted to 44.1% in Q1 (Jan–Mar 2021), 74.6% in Q2 (Apr–Jun 2021), and 1.0% in Q3 (Jul–Sep 2021). While in Q3 FY12/20 facilities boosted customer traffic and in-store sales through measures like longer promotions, there was no similar focus on sales promotions in Q3 FY12/21.

Wholesale-to-dealer sales, which exclude in-store and e-commerce wholesale, were JPY5.2bn (+80.8% YoY). The rate of growth in wholesale sales to dealers surpassed that of directly managed stores. At large sporting goods retailers, which are wholesale customers for Snow Peak, there was an increase in product volume and expansion of floor area to accommodate the company’s products. Snow Peak saw a boost in new wholesale-to-dealer customers thanks to a combination of heightened demand for camping goods and the company’s ongoing efforts to expand its entry-level product lineup that began in FY12/18.

E-commerce wholesale sales came to JPY1.3bn (+76.4% YoY). Sales were strong as consumers continued to refrain from going out due to the pandemic.

Sales: Overseas business

While overseas business in certain areas was affected by the COVID-19 outbreak, sales were still up YoY in all regions. Sales came to JPY1.7bn (+72.0% YoY) in South Korea, JPY530mn (+47.2% YoY) in Taiwan, JPY1.3bn (+80.6% YoY) in the US, and JPY330mn (+312.5% YoY) in the UK. Sales for each country or region were as follows:

In South Korea, as in Japan, camping demand remained high, and sales were strong through all channels. In September 2021, the company opened its first experience-based complex in South Korea, Snow Peak LAND STATION HANAN. In China, where the company is strengthening sales through cross-border e-commerce from South Korea, it has strengthened brand recognition by reaching out to the customer base through social media and developing shop-in-shop stores in local department stores. It has pursued these same strategies in Korea.

In Taiwan, the spread of COVID-19 caused a decline in the number of customers visiting directly managed stores. However, camping demand remained high, leading to higher sales through e-commerce and wholesale channels.

In the US, along with the September 2020 grand opening of the company’s North America headquarters, Snow Peak USA Headquarters (Global HQ4), the company continued to strengthen its retail marketing and tent product sales aimed at the entry-level market to increase brand penetration. Since Q2 FY12/21 (April–June 2021), the company has been strengthening sales of its tent products in the US, which has led to strong demand and progress in brand recognition. The company opened the restaurant "takibi" in May 2021 in the flagship store in Portland where Global HQ4 is located. The company expects this to further enhance brand recognition.

In the UK, in-store sales continued to suffer due to the lockdown in the London urban areas. However, orders from wholesale sales channels remained strong.

Sales: New businesses

Sales in new businesses were as follows: JPY1.8bn (+38.0% YoY) in Apparel, JPY710mn (+42.0% YoY) in Business Solutions (including the Camping Office business), JPY220mn (+120.0% YoY) in Urban Outdoor, and JPY130mn (+85.7% YoY) in Regional Revitalization.

Sales in the Apparel business increased YoY on the back of increased brand recognition amid heightened camping demand.

Sales were strong at Snow Peak Business Solutions as it continued to focus on providing business support for digital transformation and human resources development for the group as a whole.

Factors affecting profit

Gross profit came to JPY10.1bn (+61.7% YoY) with the gross profit margin at 55.0% (+0.2pp YoY).

Operating profit rose despite higher SG&A expenses, thanks to the increase in gross profit. SG&A expenses amounted to JPY7.6bn (+38.4% YoY), broken down to personnel expenses of JPY3.3bn (+36.5% YoY), rents of JPY643mn (+9.1% YoY), and deprecation expenses of JPY514mn (+28.6% YoY). In Q3 FY12/20 the company reined in personnel and other expenses in anticipation of swings in earnings caused by the COVID-19 crisis, but there were no such cost curbs in Q3 FY12/21. Also, store operation-related expenses increased as in FY12/20 the company opened Global HQ4, as well as seven directly managed stores, four of which were large-scale stores with restaurant/eat-in facilities.

Full-year company forecast

		FY12/20			FY12/21
(JPYmn)		1H Act.	2H Act.	FY Act.	1H Act.	2H Est.	FY Est.
Sales		6,574	10,191	16,765	11,673	13,727	25,400
	YoY	-4.2%	37.8%	17.6%	77.6%	34.7%	51.5%
Cost of goods sold		2,930	4,559	7,489	5,271
Gross profit		3,644	5,632	9,275	6,402
	YoY	-0.4%	38.7%	20.1%	75.7%
	Gross profit margin	55.4%	55.3%	55.3%	54.8%
SG&A expenses		3,381	4,401	7,782	4,788
	SG&A ratio	51.4%	43.2%	46.4%	41.0%
Operating profit		263	1,230	1,493	1,613	2,037	3,650
	YoY	-44.2%	171.9%	61.6%	513.5%	65.5%	144.4%
	Operating profit margin	4.0%	12.1%	8.9%	13.8%	14.8%	14.4%
Recurring profit		248	1,303	1,551	1,714	2,056	3,770
	YoY	-48.8%	172.2%	61.1%	591.3%	57.8%	143.1%
	Recurring profit margin	3.8%	12.8%	9.3%	14.7%	15.0%	14.8%
Net income		205	843	1,048	1,131	1,219	2,350
	YoY	-39.4%	873.8%	146.4%	450.9%	44.6%	124.2%

Source: Shared Research based on company data
Note: Figures may differ from company data due to differences in rounding methods.
Note: Net income refers to net income attributable to owners of the parent.

In November 2021, the company revised its FY12/21 earnings forecast. The revised forecast calls for sales of JPY25.4bn (+51.5% YoY), operating profit of JPY3.7bn (+144.4% YoY), recurring profit of JPY3.8bn (+143.1% YoY), and net income attributable to owners of the parent of JPY2.4bn (+124.2% YoY).

Compared to the previous forecast, the revised company forecast represented an increase of JPY900mn in sales, JPY650mn in operating profit, JPY720mn in recurring profit, and JPY550mn in net income attributable to owners of the parent.

In August 2021, the company revised its FY12/21 forecast. The revised forecast calls for sales of JPY24.5bn (+46.1% YoY), operating profit of JPY3.0bn (+100.9% YoY), recurring profit of JPY3.1bn (+96.6% YoY), and net income attributable to owners of the parent of JPY1.8bn (+71.7% YoY).

Compared to the previous forecast, the revised company forecast represented an increase of JPY4.0bn in sales, JPY950mn in operating profit, JPY1.0bn in recurring profit, and JPY656mn in net income attributable to the owners of the parent.

Against the backdrop of rising camping demand worldwide, the company's performance in 1H FY12/21 was better than expected. In light of this, the company revised its full-year forecast to reflect 1H results, and also revised its 2H forecast based on demand trends. By region, the company raised its Japan sales forecast by around JPY2.4bn and its overseas sales forecast by approximately JPY1.6bn.

Comparison with FY12/20

In FY12/21, the company expects that demand for outdoor camping will continue to increase from the previous fiscal year, although the business environment will remain uncertain due to the frequent occurrence of natural disasters as well as the ongoing impact of the COVID-19 pandemic, including consumers' refraining from going out.

The company expects sales to grow by 37.6% YoY to JPY18.5bn in Japan and 130.3% YoY to JPY7.0bn overseas. It had 41 directly managed stores globally at end-FY12/20, and plans to open two more in FY12/21.

For FY12/21, the company will focus on developing domestic and overseas markets and strengthening operations.

In terms of developing its markets, the company will focus on creating new customers and consolidating the customer loyalty of its existing users both in Japan and overseas. In the domestic market, it will continue new store openings and sales of entry-level goods, and focus on expanding the customer base. In addition, the company will work to increase its number of loyal users through a focus on experience-based activities (campsites, events, etc.). In overseas markets, it will consolidate sales and expand brand awareness, and focus on acquiring new customers and development of its store areas.

Strengthening operations entails upping production capacity and enhancing global logistics.

In order to meet growing outdoor and camping demand, the company aims to put procurement on a stable footing by manufacturing mainstay products which were previously made by a single manufacturer or at a single location to multiple manufacturers and/or locations. In July 2021 it brought on stream a new production line for tents and related products.

In its global logistics operations, the company used to ship all products manufactured in Southeast Asia to logistics centers in Japan and subsequently to sales locations overseas. In FY12/21, the company will dispatch mainstay products directly from manufacturing sites to overseas sales locations to curtail the time and expense involved in transport. It also plans to expand its US logistics facilities.

The company expects GPM to fall, reflecting channel mix changes. It expects growth in all profit categories from operating profit downward as higher gross profit outpaces SG&A expenses. Regarding SG&A expenses, in addition to an increase in operating costs due to full-year expenses at seven stores (including large ones) opened in 2020, there will be additional costs associated with an increase in personnel expenses and the impact of temporary cost reductions (reduced executive compensation, rent exemptions, etc.) related to the novel coronavirus pandemic.

Medium- to long-term outlook

The company updated its rolling medium-term business plan in February 2021. Covering the three-year period from FY12/21 through FY12/23, the plan sets a FY12/23 target for consolidated sales of JPY29.0bn (CAGR of 20.0% versus FY12/20) and operating profit of JPY4.0bn (CAGR of 38.9%), as well as overseas sales weighting of 30% (19.8% in FY12/20) and ROE of 12.0% (11.0%).

In regard to its medium-term sales target, in Japan Snow Peak expects growth to come from the expanding camping market and Snow Peak Way events held to stimulate experience-based spending. Overseas, it aims to increase sales of its products by promoting understanding of the functionality and quality of these products through the operation of campgrounds and development of stores, with a focus on directly managed stores, and a wholesale strategy involving setting up dedicated Snow Peak areas in outdoor retailers.

Snow Peak expects operating profit to grow along with gross profit despite higher SG&A expenses. The main drivers of growth in SG&A expenses will be higher personnel expenses overseas due to store openings and higher depreciation due to digital transformation (discussed later).

The medium-term plan calls for opening seven directly managed stores each in Japan and overseas. The company said it planned to open two stores in the US, two or three in Taiwan or South Korea, as well as China and other locations.

Targets under new medium-term business plan (announced February 2021)

Targets		FY12/20	FY12/21	FY12/22	FY12/23
(JPYmn)		Act.	Est.	Targets	Targets
Sales		16,765	20,500	24,500	29,000
	YoY	17.6%	22.3%	19.5%	18.4%
Operating profit		1,493	2,050	3,000	4,000
	YoY	61.6%	37.3%	46.3%	33.3%
	Operating profit margin	8.9%	10.0%	12.2%	13.8%

Source: Shared Research, based on company data

Major initiatives from FY12/21 to FY12/23

Expanding overseas development

Snow Peak made its first move overseas in 1996, selling outdoor goods in the US market. The company is currently selling products in 25 different countries around the world. After previously using mainly a wholesale model, starting in FY12/19, it moved to open directly managed stores in the US and Europe and, as in Japan, worked to improve consumer recognition of the functionality and quality of its products and expand sales by establishing company-operated campgrounds and opening new stores (primarily directly managed stores).

In July 2019, the company established wholly owned subsidiary Snow Peak USA, Inc. (capitalization of USD9mn or approximately JPY980mn) to lead its push into the US market, naming then company CEO Toru Yamai as president of the new overseas subsidiary. Snow Peak opened a new headquarters in Portland, Oregon, in September 2020. The facility will house the US subsidiary’s head office and a directly managed store, which will include an in-store restaurant. Going forward, plans call for Snow Peak USA to open more directly managed stores and otherwise work to expand its business by developing campgrounds, further expanding its product lineup, and establishing deeper connections with outdoor equipment users through its sponsorship of the Snow Peak Way USA outdoor camping festival and other outdoor camping events. In wholesale as well, the company will roll out dedicated shop-in-shop Snow Peak areas, as in Japan, to help sell more Snow Peak brand products through third-party outdoor goods retailers in the US.

Working from its new base in London, starting in FY12/19 the company plans to build up its presence in Europe, especially in the apparel market. In FY12/19, the company opened an e-commerce website in the UK and also opened a directly managed store in London (marking its first directly managed store in Europe).

Strengthening operations

The company is strengthening its production capacity and global logistics to build its platform for future growth.

In order to meet growing outdoor and camping demand, the company aims to put its merchandise procurement on a stable footing by manufacturing mainstay products which were previously made by a single manufacturer or at a single location to multiple manufacturers and/or locations.

In its global logistics operations, the company previously sent all of the products manufactured in Southeast Asia to logistics centers in Japan and then to sales locations overseas. In FY12/21, it will dispatch mainstay products from manufacturing sites directly to overseas sales locations. It aims to curtail the time and expense involved in transport. It also plans to develop logistics centers in individual countries commensurate with their sales during the medium-term plan period.

Digital transformation

The medium-term plan sets out the company’s digital transformation agenda, including beefing up the reservation website for campgrounds it operates, transitioning its social media-based customer community to its own smartphone app, and rolling out its smartphone app overseas. It plans to collaborate with Heartis employees to roll out the digital transformation initiatives. (In January 2019, the company merged with systems developer Heartis System & Consulting, formerly Heartis).

Long-term goals

The company believes that with the stresses of modern society, people are losing touch with nature. In developed countries, the company sees a growing desire to rediscover natural and human connections, which it thinks can be achieved through more exposure to nature and communication with family and friends, and it sees helping people reconnect with nature and with the people around them as its social mission. Leveraging its main business of developing, manufacturing, and selling camping goods, the company hopes to achieve this aim over the long term by operating campgrounds and developing other business lines including its Urban Outdoor business, its Business Solutions business, and its Camping Office business. Shared Research thinks this could lead to the company’s long-term expansion into various domains.

Snow Peak cites two studies by the Forestry and Forest Products Research Institute indicating that exposure to nature can help boost immunity and lower stress. The first study, entitled “A Clarification of the Physiological Effects on People of Exposure to Forest Environments,” suggests that spending time in forest atmospheres helps activate NK cells (“natural killer” cells, a type of lymphocyte and a component of the immune system). The second study, “A Scientific Clarification of the Physiological Effects of Forest Therapy,” indicates that forest environments are better than cities at stimulating parasympathetic nerve activity, which increases as people relax, and lowering sympathetic nerve activity, which drops as people relax. This study also points to a decreased concentration of cortisol (present in saliva), a representative stress hormone when in forests.

Business

Description

Develops, manufactures, and sells high-end items for camping enthusiasts

Snow Peak was founded in 1958 by Yukio Yamai, father of Toru Yamai, the current chairman. In 1986, the company began developing, manufacturing, and selling high-end camping items for car camping enthusiasts, and this business grew, sparked by the Japanese car camping boom in the early 1990s. The company develops tents and tarps, cookware, and tableware, and outsources most production to other factories. Snow Peak employees explain and sell the company’s products to customers at directly managed stores and sporting goods stores.

Car camping is a camping style that gained popularity in Japan in the late 1980s. Enthusiasts drive their vehicles to campsites and set up tents and tarps alongside their vehicles to enjoy living in nature. Car camping locations are divided into sections with space for a tent and parking. According to the Japan Car camping Federation, Japan has more than 1,300 car camping sites. Some locations have both tent sites and cabins (cottages, bungalows). Most are equipped with flush toilets and hot showers. Some camp sites even rent out tents, sleeping bags, stoves, and dishes.
Items considered essential for car camping include tents, tarps, sleeping bags, stoves, and tables. Tents are used as sleeping rooms and tarps provide living spaces, allowing each site to be divided into separate rooms.

Premium products

According to the company, Snow Peak’s products are known for their quality, such as durability and sturdiness, reflecting the commitment of the product development managers.

Because of the company’s insistence on quality and certain production methods, production costs are high, so it expects to earn an appropriate margin. Shared Research believes these factors differentiate Snow Peak’s products from its competitors’ and lead to support from core customers.

Snow Peak’s products are designed to be part of larger systems and complement other products, stimulating demand.

User-driven development, leveraging Tsubame-Sanjo metalworking techniques

Shared Research believes Snow Peak differentiates its products through product development and manufacturing.

Product development managers are camping enthusiasts.
They reference their experiences to oversee (from planning and design through production) development of products they would use.
Products are repeatedly tested in actual conditions.
Most manufacturing is outsourced; company resources are concentrated on development.
The company leverages production expertise dating back to its founding and gained through in-house production.
It uses Tsubame-Sanjo metalworking techniques in production.

Sales through directly managed stores and distributors

Sales are mainly through distributors
Sales channels: directly managed stores, in-store format, shop-in-shop format
In principle, no discounting

Customers mainly in 30s and 40s. “Snowpeakers” (fans of Snow Peak products) make up 1/4 of sales

Snow Peak’s customers are typically in their 30s and 40s with children.
Roughly 6–7% of the company’s customers are platinum or black members (spend JPY300,000 or more on Snow Peak products per year) and account for 20–30% of sales.

Outdoor business (products)

Snow Peak develops, manufactures, and sells high-end camping items to car camping enthusiasts. Products include tents, tarps, sleeping gear (sleeping bags), fire pits (open-air grills), furniture (tables and chairs), kitchen systems, cookware (pots, cooking utensils), tableware (utensils), heaters (stoves), and lighting gear (lanterns).

Representative company products