Japanese sporting goods manufacturer Mizuno Corp. saw a 47 percent drop in profit for the first quarter.
The company on Tuesday reported a net income of 1.01 billion yen, or $10.7 million, for the first quarter ended June 30. That compares with a net income of 1.88 billion yen, or $20 million, during the year-ago quarter.
Revenue, which was impacted by foreign exchange fluctuation, dropped 9.3 percent to 41 billion yen, or $436.7 million, from 45.18 billion yen, or $481.2 million, in the first quarter of 2008.
The company said that sales of golf items decreased in all regions except Asia, while sales of Mizuno’s athletic wear took a hit in China. Golf posted the largest decline across all categories, dropping 25 percent to 6 billion yen, or $63.9 million. Baseball sales dropped by 5 percent to 12.5 billion yen, or $133.1 million. All numbers are based on current exchange rates.