Annual sales at Mizuno declined by 8 percent to ¥148.7 billion (€1,357.6m-$1,659.4m) for the fiscal year ended March 31, with nearly 3 percent of the drop related to exchange rate fluctuations. Net income was ¥1.6 billion (€14.6m-$17.9m), compared with a loss of ¥2.4 billion due to non-operating factors, write-downs of securities and a reversal of deferred tax assets from the previous fiscal year. The operating profit fell slightly to ¥2.8 billion, from ¥2.9 billion last year. The gross profit margin was up by 0.2 percentage points.
In the home Japan market, annual revenues declined by 4 percent to ¥111.8 billion (€1,020.7m-$1,247.63m) as golf sales slid 9 percent. Revenues were down by 27 percent in other Asia-Pacific countries to ¥8.3 billion (€75.8m-$92.6m) as footwear and apparel sales in China declined by approximately 30 percent.
Turnover in Europe was off by 9 percent to ¥10.1 billion (€92.2m-$112.7m), though this was an increase of 6 percent in constant currencies. Sales in North America dipped by 18 percent to ¥18.4 billion (€168.0m-$205.3m), or by 9 percent on a currency-neutral basis, with a 6 percent sales decline in baseball and 23 percent drop in golf revenues.
By product category, baseball sales declined by 3 percent to ¥37.3 billion (€340.5m-$416.3m); sports apparel sales fell by 9 percent to ¥29.9 billion (€273.0m-$333.7m); footwear sales dropped by 8 percent to ¥28.3 billion (€258.4m-$315.8m); golf sales were off by 13 percent to ¥24.5 billion (€223.7m-$273.4m) and other items decreased by 9 percent to ¥28.5 billion (€260.2m-$318.0m).