The athletic company, based in Osaka, Japan, reported last week that revenues for the year ended March 31, 2010, dropped 8 percent to 148.7 billion yen (or $1.67 billion at current exchange), versus 162.04 billion yen (or $1.82 billion) the previous year.
By region, sales declined 4 percent in Japan; 9 percent in Europe; 18 percent in North America; and 27 percent in other parts of Asia.
Net income for the fiscal year, though, totaled $1.6 billion yen, compared with a loss of $2.4 billion a year ago. The company attributed the improvement to a reduction in its operating expenses, including a roughly 3-percent drop in salaries and bonuses.
The firm also reduced group inventories by 3.2 billion yen during the year.