Mizuno saw a drop of 2.5 percent in sales for the first half of the fiscal year to ¥84.75 billion (€682.0m-$880.6m). Its operating income fell as well in the six months ended Sept. 30, down by 16.2 percent to ¥3.45 billion (€27.8m-$35.8m). Net income after tax was ¥1.37 billion (€11.0m-$14.2m), representing a plunge of 34.2 percent.

For the current fiscal year that ends in March, the company expects net sales of ¥170 billion (€1,368.0m-$1,766.3m), which would be a 2.3 percent drop from last year. However, Mizuno is forecasting net income of ¥2.8 billion (€22.5m-$29.1m), 15.7 percent over last year’s figure.

The situation looks more dire for the next financial year, FY 2010, ending in March 2010. The company has said it expects its pre-tax profit to drop by 30 percent to about ¥7.0 billion (€56.3m-$72.7m) on sales that are down by 10 percent to ¥178 billion (€1,432.4m-$1,849.4m). This would include a 1 percent drop in sales outside Japan compared with fiscal 2007.