Mizuno’s total nine-month revenues increased by 4.4 percent year-over-year to €1.11bn, fueled by 17 percent growth in soccer sales to €96.9m.
The Japanese group, fueled by growing soccer and lifestyle footwear sales in key markets, reported 16.5 percent year-over-year growth in operating profit to ¥16.0 billion (€101.3m) for the nine months ended Dec. 31. The comparable net profit grew by 11.4 percent to ¥12.6 billion (€79.8m) and gross margin expanded by 160 basis points to 41.6 percent. Implied Q3 results showed 11.4 percent operating income expansion to ¥4.8 billion (€30.4m) on 4.3 percent revenue growth to ¥55.8 billion (€353.4m).
Mizuno’s total nine-month revenues increased by 4.4 percent year-over-year to ¥175.4 billion (€1.11b), fueled by 17 percent growth in soccer sales to ¥15.3 billion (€96.9m) and a 14 percent increase in indoor (volleyball, badminton, table tennis, basketball) to ¥14.6 billion (€92.5m). Off larger bases, baseball, golf and running sales declined. Running was down 3.9 percent to ¥17.3 billion (€109.6m); baseball dipped by 5.6 percent to ¥28.9 billion (€183.1m); and golf contracted by 1.5 percent to ¥26.0 billion (€164.7m).
| Mizuno - Income | |||
|---|---|---|---|
| 9M (￥ billion) | |||
| 2024 | 2023 | Change | |
| Revenues | 175.4 | 168.0 | 4.4% |
| Gross margin | 73.0 | 67.2 | 8.6% |
| SG&A expenses | 57.0 | 53.5 | 6.5% |
| Operating profit | 16.0 | 13.7 | 16.8% |
| Ordinary profit | 16.9 | 15.0 | 12.7% |
| Net income | 12.6 | 11.3 | 11.5% |
| Source: Mizuno | |||
Nine-month footwear sales stepped up 8.0%
Category-wise, there were gains in all segments. Nine-month footwear sales stepped up by 8.0 percent to ¥57.9 million (€366.7m) and apparel sales rose by 5.5 percent to ¥47.6 billion (€301.5m). Equipment sales inched up 1.5 percent to ¥43.5 billion (€275.5m).
The EMEA generated a higher operating profit and gross margin for the nine months despite lower sales. Revenues declined by 2.0 percent to ¥19.7 billion (€124.8m) from ¥20.1 billion with higher sales from lifestyle footwear, soccer, and indoor. Profitability improved in running but the category’s sales were down. The region’s total footwear sales tumbled by 5.0 percent to ¥13.2 billion (€83.6m). Meanwhile, apparel segment revenues expanded by 5.9 percent to €3.6 billion (€22.8m) and equipment sales rose by 7.1 percent to ¥3.0 billion (€19.0m).
| Mizuno - Revenues | |||
|---|---|---|---|
| 9M (￥ billion) | |||
| 2024 | 2023 | Change | |
| Regions | |||
| Japan | 102.0 | 98.9 | 3.1% |
| Americas | 28.9 | 27.1 | 6.6% |
| EMEA | 19.7 | 20.1 | -2.0% |
| Asia/Oceania | 24.8 | 22.0 | 12.7% |
| Total | 175.4 | 168.0 | 4.4% |
| Products | |||
| Footwear | 57.9 | 53.6 | 8.0% |
| Apparel | 47.6 | 45.1 | 5.5% |
| Equipment | 43.5 | 42.8 | 1.6% |
| Sevice/other | 26.4 | 26.5 | -0.4% |
| Total | 175.4 | 168.0 | 4.4% |
| Categories | |||
| Baseball | 28.9 | 30.6 | -5.6% |
| Golf | 26.0 | 26.4 | -1.5% |
| Running | 17.3 | 18.0 | -3.9% |
| Football | 15.3 | 13.1 | 16.8% |
| Indoor | 14.6 | 12.8 | 14.1% |
| Work business | 10.1 | 8.1 | 24.7% |
| Sports facilities | 21.7 | 20.9 | 3.8% |
| Source: Mizuno | |||
