Mizuno Corp. posted a strong third quarter that helped to buoy results that had been lagging during the first half.
For the quarter ended December 31, 2007, net sales grew 12.8% to ¥43.20 billion ($381.9 mm) from ¥38.31 billion ($325.2 mm). Margins declined, however, down 110 basis points to 41.1% of net sales from 42.2% in the year-ago quarter. Net income more than doubled to ¥798.0 million ($7.1 mm) from ¥334.0 million ($2.8 mm) last year.
Net sales increased 9.5% for the first nine-months of the year to ¥130.11 billion ($1.15 bn) from ¥118.81 billion ($1.01 bn) in the year-ago period. Gross margins declined 90 basis points to 41.6% of sales from 42.5% last year.
Net income dropped 22.0% to ¥2.87 billion ($25.4 mm) from ¥3.68 billion ($31.3 mm) in the year-ago period.
Golf sales were said to have accounted for a larger percentage of overall sales than in the year-ago period on strength in international markets, particularly growth in China.
For the full fiscal year ending March 31, 2008, Mizuno maintained its guidance expectations with net sales increasing 10.1% to ¥170.00 billion ($1.58 bn). The company expects net income to grow approximately 40.9% to ¥4.00 billion ($37.1 mm).
