Mizuno Q3 Profit Up

Japanese athletic firm Mizuno Corp. saw its third quarter profit surge thanks to doubled sales in Europe, America and Asia.

For the period ended Dec. 31, 2010, Mizuno earned a net income of 1.6 billion yen, or $19.2 million at current exchange — a 44 percent increase from the same period a year earlier.

Sales rose in every region except its home ground of Japan, said the firm, and footwear was one of the strongest growth drivers.

On a currency-neutral basis, revenue rose 20 percent in Europe, 16 percent in the Americas and 1 percent in Asia. Revenue in Japan fell 2 percent.

Footwear sales grew 14 percent in Europe and surged 30 percent in the Americas.

Mizuno also reported a gross profit margin improvement to 42.4 percent, thanks to a decrease in obsolete inventory and reduction in purchase costs.

For the full year ending Mar. 31, 2011, Mizuno expects to earn a net income of 2 billion yen, or $24 million, on net revenue of 150 billion yen, or $1.8 billion.