Bouncing back from a difficult first half of its financial year, Mizuno saw its net income rise nearly six-fold to 1,812 million yen (€14.3m-$17.3m) in the fiscal third quarter ended Dec. 31, 2020.
Revenues progressed by 9 percent to ¥40,492 million (€318.7m-$387.6m), led by a rebound in U.S. and Japan. The gross margin inched up by 0.5 percentage points to 41.6 percent. Operating earnings were also boosted by a drop in operating expenses of 4.8 percentage points.
EMEA revenues fell by 6 percent to ¥3,400 million (€26.8m-$32.2m), although Mizuno recorded good sales in golf and running in the region. Thanks to robust sales in golf and running, revenues in the Americas gained 10 percent to ¥5,300 million (€41.7m-$50.7m), after a difficult second quarter that saw sales decline by 38 percent.
Japan grew by 12 percent to ¥27,400 million (€215.7m-$259.5m), led by sales of personal protective equipment such as masks, which is a business Mizuno entered in 2020. In the rest of Asia and Oceania, sales inched down by 2 percent to ¥4,300 million (€33.8m-$40.7m).
By category, footwear sales declined by 8 percent to ¥10,900 billion (€85.8m-$103.2m), but apparel fared better, jumping by 34 percent to ¥14,200 million (€111.8m-$134.5m). Equipment sales progressed by 10 percent to ¥9,000 million (€70.8m-$85.2m), while Service and other revenues were down by 4 percent to ¥6,400 million (€50.4m-$60.6m), due to the temporary closures of gyms and sports facilities.
These results led Mizuno to maintain its guidance for the full year, projecting revenues of ¥150,000 million (€1.2bn-$1.4bn) and net income of ¥1,500 million (€11.8m-$14.2m).