The Japanese company, bolstered by strong sales in running and golf, reached its highest ever annual revenue and operating profit in the EMEA in the financial year 2021. Total regional sales grew 37.7 percent to 17.9 billion yen (€137.8m) on a ¥1.4 billion (€10.8m) operating profit compared to a ¥0.3 billion loss in the prior year. All three product categories posted double-digit sales gains for the 12 months ended March 31, led by a 53 percent increase for apparel to ¥2.6 billion (€20.0m), a 41 percent improvement in equipment to ¥3.1 billion (€23.9m) and a 34 percent lift in footwear revenues to ¥12.2 billion (€93.9m).
Mizuno’s overall business operation recovered from pandemic effects last year. Operating income soared 159 percent to ¥9.9 billion (€76.2m) from ¥3.8 billion as the annual operating margin improved to 5.7 percent from 2.5 percent. Net income was 106 percent better at ¥7.7 billion (€59.3m) as compared to ¥3.7 billion. The gross margin increased to 71.6 percent from 60.6 percent in FY20. Strong sales in golf and running footwear, particularly in the EMEA and the Americas, pushed total revenues up 14.8 percent for the year to ¥172.7 billion (€1.33b).
Elsewhere, total revenues in the Americas, driven by golf, rose 30 percent in FY21 to ¥23.6 billion (€181.7m) as the regional operating profit soared to ¥2.6 billion (€20.0m) from ¥0.9 billion. In Asia/Oceania, a solid performance in Australia helped push up regional sales to a pre-pandemic level as total revenues expanded 30 percent to ¥16.9 billion (€130.1m) and operating income 100 percent higher to ¥1.4 billion (€107.8m). Mizuno saw competitive indoor sports impacted in the Japanese home market due to Covid-19 restrictions. Still, the company produced a 7.5 percent increase in total revenues to ¥114.3 billion (€880.1m) in Japan last year.
