Japan-based sporting goods company Mizuno Corp. reported sales advanced 7.1 percent in the fiscal second quarter ended September 30 as gains in Japan, Europe and Asia offset a slight decline in the Americas region. The Americas region continued to show an uptick in profitability in the quarter, with sales expanding to reach record levels in the half, as robust golf sales offset softness in running and baseball.

The figures for the second quarter were calculated by subtracting first-quarter results from six-month results.

Mizuno’s sales totaled ¥62,980 million in the quarter, up from ¥58,830 million a year ago. Operating income advanced 23.1 percent to ¥5,730 million.

In the half, global sales grew 5.8 percent y/y to ¥126,508 million; operating profit increased 7.7 percent to ¥12,011 million; ordinary profit increased 12.5 percent to ¥12,722 million; and profit attributable to owners of parent climbed 22.0 percent to ¥9,876 million.

Gross margins improved to 41.7 percent from 41.3 percent in the half; while selling, general & administrative expenses increased to 32.2 percent of sales from 32.0 percent a year ago.

Mizuno is coming off a year when sales and profits reached record highs.

Mizuno said in its statement, “During the six months ended September 30, 2025, the Japanese economy showed a moderate recovery trend due to improvements in the employment and income environment. Concerns grew over downside risks to consumption stemming from inflationary pressures and U.S. trade policy. Although overseas economies also showed a moderate recovery trend, uncertainty about the outlook persisted due to U.S. trade policy and geopolitical tensions. Under these circumstances, in Japan, our group saw strong sales of competitive sports products such as Football and Volleyball, as well as Work business and Sportstyle shoes. Overseas, in addition to Golf, sales of Football, Running, and Sportstyle shoes, which are positioned as growth areas, also increased.

Regional Performance
In the Americas region, sales in the first half increased 1.7 percent y/y to ¥20,815 million, and operating profit rose 0.2 percent to ¥2,341 million, both marking record highs for a six-month consolidated period.

By category, golf sales in the Americas in the half increased 5.1 percent to ¥10.2 million from ¥9.7 million, baseball slid 7.4 percent to ¥5.0 million from ¥5.4 million, running eased 7.1 percent to ¥2.6 million from ¥2.8 million, and indoor grew 12.5 percent to ¥1.8 million from ¥1.6 million.

Subtracting out first-quarter results, sales in the second quarter in the Americas dipped 2.5 percent to $8.9 million. Operating income moved up 6.2 percent to ¥643 million.

Mizuno said in its statement, “In the Americas, the mainstay Golf business continued to perform well. In addition to receiving high praise for its product lineup centered on forged irons, the Golf business has also earned strong trust from users for its custom fitting services.”

Mizuno said that as of the second quarter, there was no impact from U.S. tariffs on the Americas’ business.

In its home market of Japan, sales increased 4.5 percent y/y to ¥73,468 million, and operating profit increased 21.5 percent y/y to ¥7,233 million, both marking record highs for a six-month consolidated period. Subtracting out first-quarter results, sales in the second quarter in Japan advanced 9.1 percent to ¥38,725 million. Operating income in the quarter moved up 48.4 percent to ¥4,185 million.

Mizuno said, “In Japan, sales of competitive sports products such as Football and Volleyball, as well as Work business and Sportstyle shoes in the non-sports sector, performed strongly. In the Work business, shoes and apparel equipped with functions developed through sports product development were well received, resulting in expanded sales to both individual and corporate customers.”

In Europe, sales jumped 14.3 percent in the half to ¥14,108 million while operating profit slumped 49.7 percent y/y to ¥320 million. Subtracting out first-quarter results, sales in the second quarter in Europe advanced 4.6 percent to ¥6,143 million. The region reported an operating loss in the second quarter of ¥68 million against operating income of ¥350 million a year ago.

Mizuno said, “In Europe, although sales of our main categories such as Running, Golf, and Sportstyle shoes performed well, profits were pressured by rising logistics costs and so on. “

In the Asia and Oceania region, sales climbed 9.7 percent y/y in the half to a record high of ¥18,116 million, while operating profit slipped 7.7 percent to ¥2,112 million. Subtracting out first-quarter results, sales in the second quarter in Asia and Oceania increased 10.6 percent to ¥9,171 million. Operating earnings in the second quarter rose 11.3 percent to ¥1,012 million.

Mizuno said, “In Asia and Oceania, sales of Running, Football, and Sportstyle shoes, which are positioned as growth areas, increased. On the other hand, the profitability of Golf in Korea declined due to stagnation in the Korean golf market.”

Product Performance
By product category, footwear saw the strongest growth over the six months, expanding 10.3 percent to ¥38.4 million, driven by increases in the Running, Football, and Sportstyle categories. In Japan, sales of Work shoes also expanded. Apparel sales advanced 5.5 percent to ¥32.2 million with gains in Work apparel and competitive sports apparel. Equipment sales nudged up 0.2 percent to ¥31.3 million as gains in Golf in Europe and the Americas offset a decline in Baseball.

Outlook
Mizuno maintained its outlook for the current fiscal year. For the current year ending March 31, 2026, Mizuno’s forecast calls for sales of ¥260,000 million (up 8.2 percent y/y); operating profit of ¥22,500 million (up 8.3 percent y/y); ordinary profit of ¥23,000 million (up 7.7 percent y/y); and profit attributable to owners of parent of ¥16,500 million (up 8.2 percent y/y).

Image courtesya Mizuno