Mizuno Corp. reported sales jumped 49.6 percent in the first quarter ended June 30.
Sales grew from ¥28.7 billion to ¥42.9 billion in the period. In a statement, Mizuno said the sales increase was mainly led by the recovery of its business operations, which had been severely impacted by COVID-19 in FY20. Golf clubs and running shoes showed strong sales, especially in the Americas and EMEA.
Operating income came to ¥3.2 billion against a loss of ¥1.8 billion a year ago.
Ordinary profit improved from a loss of ¥1.7 billion to ¥3.5 billion. Net income came to ¥2.7 billion against a loss of ¥1.1 billion last year.
Mizuno said record operating profit for the first quarter was driven by the sales increase, a high gross margin ratio and reduction in expenses. Gross margins improved 390 basis points to 43.2 percent.
The highest overseas operating profit ratio in Mizuno’s history reflects favorable performance in the Americas and EMEA.
By region, sales in Japan rose 59.6 percent to ¥27.3 billion from ¥17.1 billion. Sales in the Americas improved 14.5 percent to ¥6.3 billion from ¥5.5 billion. In the EMEA region, sales nearly doubled to ¥5.0 billion from ¥2.6 billion. Asia/Oceania sales climbed 23.5 percent to ¥4.2 billion from ¥3.4 billion.
By category, sales of footwear rose to ¥12.2 billion from ¥8.0 billion, apparel climbed to ¥12.8 billion from ¥8.4 billion, and equipment increased to ¥en 11.6 billion from ¥7.6 billion. In the service/others category, sales lifted to ¥6.3 billion from ¥4.7 billion.
Photo courtesy Mizuno
