Strong footwear sales buoyed Mizuno Corp. to topline growth in 2012, but selling, general and administrative expenses weighed on profits.
For the full year ended March 31, the Japanese athletic firm earned a net income of 1.95 billion yen, or $19.1 million at current exchange, a 38.1 percent decrease from $3.14 billion, or $30.7 million, in 2011.
Revenue advanced 5.6 percent to $163.65 billion yen, or $1.6 billion.
By category, footwear sales grew 10.7 percent. Baseball, apparel and golf all fell, by 3.3 percent, 3.2 percent and 1.4 percent, respectively.
By region, the Americas grew the most, at 12.4 percent, driven by the strength of the running footwear and golf businesses. Shoe sales in the Americas specifically rose 25 percent.
In Europe, sales fell 3.6 percent, despite strong demand for running shoes and handball shoes.
In Japan, sales increased 5.9 percent, thanks to the June acquisition of Senoh Corp., a Japanese sporting equipment manufacturer that constructs hardware for sports and exercise equipment.
Mizuno’s outlook for fiscal 2014 is for revenue to grow 11.8 percent to 183 billion yen, or $1.79 billion. It expects the European business to surge 39.4 percent, the Americas to rise 26 percent, and Japan to advance 5.5 percent.