Mizuno Corporation again got little help outside of its native Japan in the fiscal first half ended September 30 as all non-domestic regions posted strong double-digit declines for the period. Total worldwide revenues declined 10.1% to Â¥76.2 billion ($799 mm), compared to Â¥84.8 billion ($799 mm) in the year-ago quarter.
First half worldwide gross margins declined 120 basis points to 40.7% of sales from 41.9% of sales in the year-ago period. SG&A inched up 10 basis points as a percent of sales to 37.9% from 37.8% of sales in fiscal H1 last year.
Fiscal first half net income fell 31.8% to Â¥0.9 billion ($9 mm) versus Â¥1.4 billion ($13 mm) in the year-ago period.
Inventories at period-end were down 4.5% to Â¥23.5 billion ($261 mm) at Sept. 30, 2009.
The company's forecast for the fiscal year remained consistent at Â¥160 billion.