Mizuno Corp. saw a slight decline in earnings in its fiscal fourth quarter ended Mar. 31, with slight revenue declines seen in the Americas.

Extrapolating fourth-quarter results by subtracting nine month from full-year results shows that the Japanese company’s sales reached ¥53.4 billion ($519.6 mm) in the fourth quarter against ¥51.0 billion, a gain of 4.7 percent.

Operating earnings dipped 11.5 percent to ¥1.85 billion ($18 mm) but net earnings lifted 74.4 percent to ¥942 million ($9.3 mm).

By region, Japan’s revenues grew 3.2 percent to ¥35.5 billion ($345.4 mm); Europe gained 12.5 percent to ¥4.95 billion ($48.1 mm), the Americas slid 3.9 percent to ¥7.98 billion ($77.6 mm); and the Asia/Australia region grew 27.2 percent to ¥4.96 billion ($48.2 mm).

By category, footwear grew 5.6 to ¥16.9 billion ($164.4 mm), apparel added 6.5 percent to ¥14.8 billion ($144 mm), and equipment grew 9.0 to ¥13.2 billion ($128.4 mm).

For the full fiscal year, sales totaled ¥187.1 billion ($1.82 bn), up 2.1 percent compared with the previous fiscal year. Operating income stood at ¥5.05 billion ($49.1 mm), down 11.3 percent. Net income grew 26.6 percent to ¥3.34 billion ($32.5 mm)

Mizuno said while running-related items in Asia and indoor sports items in Europe were strong, golf items were weak on a global basis despite solid sales of certain new products and custom fitting items, according to Mizuno.
By region, net sales in Japan in the year declined 2.2 percent to ¥122.1 billion ($1.19 bn). Baseball and golf faced difficult conditions due to tardy recovery following the country’s sales tax increase. The footwear business in the health area, such as that for walking and running shoes, continued its solid performance. Net sales declined in part due to the impact of transferring management of agency business for the Asian region, which was conducted in Japan until last fiscal year, to two consolidated subsidiaries.

Europe grew 11.3 percent to ¥16 billion ($156 mm) and was ahead 4.8 percent on a currency-neutral basis. In the UK, Germany, Spain and Italy, specifically the footwear business related to running and indoor sports put on a solid performance and achieved double-digit growth. Golf remained affected by the slump in the global golf market and continued to struggle.

In the Americas, sales in the year were down 3.3 percent to ¥29.6 billion ($287.8 mm) and dropped 11.7 percent on a currency-neutral basis. Running shoes experienced a slump in sales due to contraction in the market segment of the specialty store channel, which has been a focus of efforts, and sluggish sales of new products. Running shoes have been in a recovery trend since the beginning of the new fiscal year. The golf business as a whole turned in a poor performance, affected by unseasonable weather and low price competition, despite a solid performance by Mizuno JPX 850, a new product.

In the Asia/Oceanic region, sales in the year jumped 46.8 percent to ¥19.0 billion ($184.4 mm) and gained 37 percent on a currency-neutral basis.

For the current year, Mizuno said it expects sales of ¥200.0 billion, operating income of ¥6.0 billion, and net income after tax of ¥3.7 billion.