Mizuno Corp. reported sales rose 0.5% in the third quarter ended Dec. 31 with the strongest growth coming from the Americas and Europe where sales rose in the middle to high teens on a currency neutral basis.

The Japanese maker of footwear and sports apparel reported sales reach Â¥111.3 billion ($1.34bn), operating profit increased by 74.5% to Â¥3.8 billion ($46.1mm), ordinary profit by 35.2% to Â¥3.3 billion ($40.1mm), net income by 43.8% to Â¥1.6 billion on a year-over-year basis.  Decrease of obsolete inventory and reduction of purchase costs improved the gross profit margin ratio (42.4%).

There was growth in the Golf business in Europe and Americas and in the Footwear business across all geographics.

Sales growth came primarily from overseas, where sales rose 119.5% in Europe and 115.5% in Americas and 101.3% in Asia on a year-over-year and currency neutral basis). In Europe, double-digit growth was achieved in all categories, including 114% growth in the Footwear category. In the Americas, while sales of Golf remained mostly unchanged, there was double-digit increase in other categories than Golf was attained.  In Particular, sales of Footwear business increased by 130%. In Asia, business growth in Taiwan is remarkable.  Sales of Footwear business increased by 125%. 

The company updated its forecast of consolidated results for the FY10 ended March 31, 2011. For the full year, it forecasts sales will be ¥150 billion and operating income will be ¥4.5billion and net income after taxes ¥2 billion.

Sales (Year-to-date)

FY2010 Q3

FY2009 Q3

Change y-o-y in JPY terms

Change y-o-y currency-neutral

Â¥

JPY in millions

JPY in millions

in %

in %

Japan

81,675

82,881

-1.5%

-1.5%

Europe

7,422

7,064

5.1%

19.5%

Americas

15,860

14,427

9.9%

15.5%

Asia Oceania (excl JPN)

6,387

6,466

-1.2%

1.3%

Total

111,343

110,837

0.5%

2.2%