Mizuno lands improved results, record Q3 revenues

Mizuno, fueled by growth in its golf business and an improved business climate in Japan, has reported an implied 21 percent increase in third-quarter revenues to a record 48.2 billion yen (€332.6m) for the three months ended Dec. 31. Operating profit declined 16 percent to ¥2.1 billion (€14.5m) from ¥2.5 billion. Net income came in at ¥1.4 billion (€9.7m) versus ¥1.8 billion. 

The Japanese company’s nine-month results show a 28 percent year-over-year improvement in net income to ¥7.8 billion (€53.8m) from ¥6.1 billion, with the corresponding operating profit gaining 26 percent to ¥10.2 billion (€70.4m). Gross margin improved to 58.9 percent from 52.9 percent as total revenues increased by 18 percent to ¥147.4 billion (€1.02b) from ¥124.9 billion. All geographic regions and product categories posted double-digit gains for the nine months. Period-end inventories were up by 19.5 percent to ¥55.7 billion (€354.3m). 

In the EMEA, nine-month revenues rose by 22 percent to ¥17.2 billion (€118.7m). Period sales were 24 percent higher in the Americas at ¥22.9 billion (€158.0m) and rose by 13 percent in Japan to ¥89.8 billion (€619.6m). Asia/Oceania revenues increased by 40 percent over the nine months to ¥17.6 billion (€121.4m). By product category, sales were 25 percent higher for footwear at ¥43.8 billion (€302.2m), 12 percent higher for apparel at ¥39.7 billion (€273.9m) and 19 percent higher for equipment at ¥40.7 billion (€280.8m).