Mizuno Corp. reported a significant decline in profits in the six months ended September 30 as sales dropped 22.5 percent.
Sales reached ¥66.2 billion, down from ¥85.5 billion a year ago. Operating profits reached ¥100 million against ¥4 billion a year ago. Net income was down 95.7 percent to ¥100 million from ¥2.9 billion.
In the Americas, sales fell 19.2 percent to ¥8.4 billion from ¥10.4 billion a year ago. Operating profits came to ¥100 million against ¥700 million a year ago.
Mizuno said of the Americas region that a good performance in the golf business supported the operating profit. A gain on the sale of an office building was recorded. Future measures for the America’s business include growing its golf and running businesses. Mizuno also plans to expand sales by developing new products to reduce fixed costs.
In other regions, sales in Japan fell 22.9 percent to ¥45.2 billion from ¥58.6 billion. The region showed a loss of ¥1.2 billion against operating earnings of ¥2.6 billion a year ago.
EMEA’s sales were down 14.1 percent to ¥6.7 billion from ¥7.8 billion a year ago. The segment showed an operating loss of ¥100 million against earnings of ¥300 million a year ago.
In the Asia/Oceania region, sales fell 31.0 percent to ¥6.0 billion from ¥8.7 billion. Operating income declined to ¥200 million from ¥600 million a year ago.
Additional details are available here.
Photo courtesy Mizuno
