Mizuno Corp. reported sales of ¥42.8 billion in the first quarter ended March 31 were down 6.9 percent year-over-year. Sales in the Americas region slumped 23.9 percent.
Mizuno said the overall decline was due to weak sales in running business in Japan, Americas and Asia/Oceania. Sales in Japan declined mainly because the shrink of player population of baseball and golf and other categories. Steady sales were seen in the sports facility service business.
Operating profits slid 11.7 percent to ¥1.4 billion. Mizuno said the improvement of gross margin ratio and the reduction of expenses were not sufficient to offset the decrease in sales.
Net income declined 17.1 percent to ¥800 million. The change reflected the decrease in ordinary profit and gain on sales of fixed assets.
Gross margins improved from 40.6 percent to 42.4 percent. SG&A expenses ratio, however, expended from 37.1 percent to 39.2 percent.
In Japan, sales declined 3.0 percent from ¥30.3 billion to ¥29.1 billion. Americas sales slumped 23.9 percent to ¥5.1 billion from ¥6.7 billion. Asia/Oceania fell 13.0 percent to ¥4.7 billion from ¥5.4 billion. In the EMEA region, sales rose 8.6 percent to ¥3.8 billion from ¥3.5 billion.
Photo courtesy Mizuno