Mizuno Corp. said its operating profits reached their highest levels in the nine months through December 31 since quarterly disclosure started in FY08. Sales rose 17.0 percent in the period, led by the Americas and EMEA.
Sales in the nine months rose to ¥124.9 million from ¥106.7 million a year ago. Mizuno said the sales gain reflected strong sales in golf and running, especially in the Americas and EMEA. The gains were led by the recovery of its business operations from COVID-19 restrictions.
By region, sales in the Americas region rose 35.0 percent to ¥18.5 million from ¥13.7 million.
Sales in Japan rose 9.5 percent to ¥79.5 million from ¥72.6 million a year ago. Sales in the EMEA region were up 39.6 percent to ¥14.1 million from ¥10.1 million. Sales in the Asia/Oceania region advanced 22.3 percent to ¥12.6 million from ¥10.3 million.
By product category, Footwear sales rose 20.2 percent to ¥35.1 million from ¥29.2 million a year ago. Apparel sales rose 2.3 percent to ¥35.5 million from ¥34.7 million a year ago. Equipment sales rose 37.9 percent to ¥34.2 million from ¥24.8 million a year ago. Service/Others sales rose 11.0 percent to ¥20.1 million from ¥18.1 million a year ago.
Gross margin ratio improved 200 basis points to 42.4 percent. The SG&A expense ratio was reduced to 310 basis points to 35.9 percent from 39.0 percent a year ago.
Operating profit reached ¥8.1 billion against 1.4 billion a year ago, representing a gain of 456.9 percent. Mizuno said the operating profit in the nine months was driven by a sales increase, the improvement in gross margin ratio and reduction in expenses.
Ordinary profit in the nine months was ¥8.4 billion against ¥2.6 million a year ago, up 216.6 percent.
Net income in the nine months reached ¥6.1 billion versus ¥1.9 billion a year ago, representing a gain of 214.7 percent. Mizuno said both ordinary profit and net income likewise showed a record high since quarterly disclosure started in FY08.
Photo courtesy Mizuno
