Mizuno Corp reported earnings slid 22 percent in the fiscal third quarter ended December 31, but sales grew 21 percent with double-digit gains in all regions.
Third-quarter results were attained by subtracting six-month figures from nine-month figures.
In the third quarter, sales rose 21.1 percent to ¥48.2 billion ($367 bn) from ¥39.8 billion a year ago. Operating profit was down 16.0 percent to ¥2.1 billion from ¥2.5 billion. Net income was off 22.2 percent to ¥1.4 billion from ¥1.8 billion.
In the nine months, sales reached ¥147.4 billion from ¥124.9 million, up 18.1 percent. Gross margins eroded 250 basis points to 39.9 percent from 42.4 percent. However, SG&A expenses were reduced to 35.9 percent of sales from 33.0 percent. Operating profit improved 25.9 percent to ¥10.2 billion from ¥8.1 billion
Ordinary profit in the nine months rose 26.2 percent to ¥10.6 billion from ¥8.4 billion. Net income rose 28.3 percent to ¥7.8 from ¥6.1 billion.
In the Americas, sales in the quarter improved 23.0 percent to ¥7.5 billion from ¥6.1 billion a year ago. Sales in the nine months improved 23.8 percent to ¥22.9 billion from ¥18.5 billion.
In its home market of Japan, sales in the quarter rose 9.9 percent to ¥27.7 billion from ¥25.2 billion. Sales in the nine months grew 13.0 percent to ¥89.8 billion from ¥79.5 billion.
In EMEA, sales in the quarter jumped 33.3 percent to ¥6 billion from ¥4.5 billion. Sales in the nine months grew 22.0 percent to ¥17.2 from ¥14.1 billion.
In the Asia/Oceania region, sales in the three months surged 86.8 percent to ¥7.1 billion from ¥3.8 billion. Sales in the nine months expanded 40 percent to ¥17.6 billion from ¥12.6 billion a year ago.
Photo courtesy Mizuno
