Mizuno Corp. reported that total fiscal first quarter sales rose 0.9 percent to �41.5 billion ($509 mm) from �41.2 billion ($447 mm) in the year-ago quarter. Operating profit was �3.2 billion for the three-month period ended June 30, up 6.2 percent versus the prior-year quarter, and net income increased 56.5 percent to �1.94 billion on a year-over-year comparison.
The company said sales of footwear and apparel did well and growth of sales of footwear in every region contributed to an increase of profits.� Footwear sales, which grew 5.5 percent in Japanese yen terms to �8.5 billion ($104 mm), represented 20.5 percent of total sales in the first quarter, compared to 19.6 percent of sales in the year-ago period.
Diamond Sports revenues decreased 1.4 percent and Golf sales fell 12.4 percent for the quarter, while Apparel sales increased 3.3 percent for the period.
While revenue in Europe increased by 0.5 percent in currency-neutral terms, the Americas region, which includes the U.S., Canada and Latin America, showed an 11.1 percent currency-neutral increase in revenue and drove the overall business results.
In the Americas, sales of footwear and apparel increased by 25.4 percent and 23.3 percent, respectively, measured in currency-neutral terms.� The total region saw revenues increase 0.5 percent in yen terms to �6.66 billion ($82 mm), or an increase of 13.5 percent in U.S. dollar terms for the period.
Due to a decrease of an exchange-rate loss and extraordinary loss, net income grew 56.5 percent on a year-over-year comparison to �1.94 billion ($24 mm).
The forecast of the consolidated results for the fiscal year 2011 ended March 31, 2012 remains unchanged at revenues of �152 billion and net income of �2.50 billion
