Mizuno reported revenues rose 3.2 percent to ¥114.9 billion ($1.5 bn) in the nine months ended Dec. 31, 2011. In currency neutral terms, revenues rose 5.2 percent to ¥5.8 billion.
The company said sales in the Americas reached ¥16.0 billion ($206 mm), up 11.6 percent, or by about $23 million during the period on a currency neutral basis. Sales rose 2.5 percent to ¥7.3 billion ($94 mm) in Europe, 19.9 percent to ¥7.3 billion ($94 mm) in Asia and 3.1 percent to ¥84.2 billion ($1.1 bn) in Japan.
On a category basis, revenues of Baseball goods, including shoes, slipped 0.3 percent to ¥27.0 billion ($348 mm) while sales of Sporting Footwear rose 6.0 percent to ¥24.2 billion ($312 mm) and Sporting Apparel rose 6.7 percent to ¥22.0 billion ($284 mm). Sales of Golf goods, including soft goods, slipped 3.7 percent to ¥17.8 billion ($230 mm).
Companywide gross margins slipped 30 basis points to 42.1 percent of revenues, while SG&A expenses narrowed 80 basis points, falling to 38.1 percent of revenue.
Operating profit jumped 20.1 percent to ¥4.6 billion ($59 mm), or 4.0 percent of revenue, up 60 basis points. The company reported net income of ¥2.3 billion ($30 mm), up 48.7 percent.
Mizuno ended the quarter with ¥24.3 billion in inventory, up 1.3 percent.
