Mizuno Corp. reported revenues of ¥42.9 billion (€331.1m-$387.9m) in the first quarter of its financial year, ended June 30, an increase of 49.6 percent on the year earlier as the company’s business recovered after taking a hit due to the Covid-19 pandemic. Golf clubs and running shoes showed strong growth, especially in the EMEA region and the Americas.
The gross margin expanded by 3.9 percentage points to 43.2 percent. Operating income amounted to ¥3.2 billion (€24.7m-$28.9m) versus an operating loss of ¥1.8 billion a year earlier. The company reported a net profit of ¥2.7 billion (€20.8m -$24.4m) against a bottom-line loss of ¥1.1 billion in the first quarter of 2020.
Quarterly revenues in Japan increased to ¥27.3 billion (€210.7m-$246.8m) from ¥17.1 billion. They nearly doubled in the EMEA region, rising to ¥5.0 billion (€38.6m-$45.2m) from ¥2.6 billion. Revenues in the Americas climbed to ¥6.3 billion (€48.6m-$57.0m) from ¥5.5 billion while in Asia/Oceania they grew to ¥4.2 billion (€32.4m-$38.0m) from ¥3.4 billion.
By product category, sales of footwear rose to ¥12.2 billion (€94.1m-$110.3m) from ¥8.0 billion while apparel went up to ¥12.8 billion (€98.8m-$115.8m) from ¥8.4 billion. Sales of equipment grew to ¥11.6 billion (€89.5m-$104.9m) from ¥7.6 billion and sales of services and other products increased to ¥6.3 billion (€48.6m-$57.0m) from ¥4.7 billion.
The company is maintaining guidance of ¥175 billion (€1.35bn-$1.58bn) for its turnover in the full financial year, up from ¥150.4 billion in 2020, but its higher profitability in export markets has led it to improve its forecast for net earnings, which are now expected to reach ¥5,000 million (€38.5m-$45.7m), compared with ¥3,748 million in the last year.