Mizuno Corp. reported a loss in the first quarter ended June 30 as sales declined 32.0 percent.
Revenues in the period fell to ¥28.7 billion from ¥42.2 billion a year ago. The net loss in the period was ¥1.1 billion against a profit of ¥1.3 billion.
Sales decreased significantly in all regions due to COVID-19 which had a severe impact on overall sports-related business except for Work business and Life & Health business.
The operating loss in the quarter came to ¥1.8 billion versus a year-ago profit of ¥2.0 billion.
Gross margins eroded to 39.3 percent from 39.3 percent a year ago.
SG&A expenses were reduced 18.0 percent to ¥13.1 billion from ¥16.0 billion a year ago. As a percent of sales. SG&A expenses grew to 45.8 percent from 37.9 percent a year ago.
By region, sales in Japan declined 39.8 percent to ¥17.1 billion from ¥28.4 billion. In the Americas region, sales dipped 3.5 percent to ¥5.5 billion from ¥5.7 billion a year ago. EMEA sales were down 29.7 percent to ¥2.6 from ¥3.7 billion. In the Asia/Oceania region, sales fell 22.7 percent to ¥3.4 billion from ¥4.4 billion.
Photo courtesy Mizuno