Mizuno Corp. finished out fiscal 2009 with a slight increase in net profits, even though sales fell for the year.
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.