Mizuno Corp reported net profits grew 50.1 percent on a 16.6 percent revenue gain in the fiscal six months ended September 30.
Sales reached ¥99.2 billion against ¥85.1 billion a year ago. Net income reached ¥6.4 billion versus ¥4.3 billion a year ago.
Gross margins eroded to 42.0 percent from 40.6 percent but the SG&A expense ratio was reduced to 32.4 percent from 35.4 percent. Operating profit rose 46.1 percent ¥8.1 billion. Ordinary profit climbed 45.9 percent to ¥8.5 billion.
Subtracting out first-quarter results from six-month results shows companywide sales in the second quarter rose 26.6 percent to ¥53 billion from ¥42.2 billion year ago. Operating income in the second quarter grew 79 percent to ¥4.3 billion from ¥2.4 billion. Ordinary income jumped 66.7 percent to ¥4 billion from ¥2.4 billion. Net income climbed 81.3 percent to ¥2.9 billion from ¥1.6 billion.
In the six months, the Americas region’s sales gained 24.2 percent to ¥15.4 billion from ¥12.4 billion. The gains were led by strong sales of golf products as well as a steady recovery of team sports business (baseball and volleyball.) The Americas showed record operating profit for the second quarter of ¥1.9 billion against the same ¥1.9 billion a year ago.
In the second quarter, Americas’ sales grew 36.1 percent to ¥8.3 billion from ¥6.1 million. Earnings comparisons for regions weren’t available for the second quarter.
Priorities for the Americas going forward were close monitoring of the golf market momentum, strengthening the running business, and effective management of inflation.
In other regions in the six months, sales in Japan grew 14.4 percent to ¥62.1 billion from ¥54.3 billion a year ago. EMEA sales were ¥11.2 billion against ¥9.6 billion, up 16.7 percent. Asia/Oceania sales improved to ¥10.5 billion from ¥8.8 billion, up 19.4 percent. In the second quarter, sales grew 20 percent to ¥32.4 billion in Japan, 47.8 percent to ¥6.8 billion in EMEA, and 19.6 percent to ¥5.5 billion in Asia/Pacific.
Photo courtesy Mizuno
