Mizuno Corp. reported revenues dipped 0.8 percent in its fiscal first quarter ended Aug 3, to ¥48.4 billion.
Operating profits were down 46.2 percent to ¥409 million. Net income came to ¥640 million, down from ¥772 million in the same period a year ago.
Gross margins eroded to 37.8 percent of sales from 39.6 percent. Mizuno said margins were hurt by the impact of fluctuations in foreign exchange rates in Japan and Europe. SG&A expenses were reduced to 36.9 percent of sales, from 39.6 percent in the same period a year ago.
“The American business continued to be sluggish from the previous term, but sales in Japan and other regions continued to be strong, allowing Mizuno to increase sales,” the company said in its statement.
By region, sales in its home market of Japan were up 5.4 percent to ¥31.3 billion from ¥29.7 billion. Sales in the Americas were down 16.5 percent to ¥7.6 billion from ¥9.1 billion.
Sales in the EMEA region were down 5 percent to ¥3.8 billion from ¥4.0 billion. In the Asia/Oceania region, sales were flat at ¥5.5 billion.
