Mizuno Q1 Profit Widens

Mizuno Corp. reported an increase in first-quarter profit, led by a strong sales recovery in Europe and the Americas.

The athletic company, based in Osaka, Japan, said Monday its net income for the quarter ended June 30 was 1.2 billion yen, or $14 million at current exchange, an increase of 23 percent from 1 billion yen, or $11.7 million, in the same period a year ago.

Sales of athletic footwear rose by 800 million yen, or $9.3 million, contributing the largest boost to group revenue.

Revenue in Europe grew 14 percent, and in the Americas 15 percent, thanks to increased sales of footwear and baseball goods in those regions.

Total group revenue inched up slightly to 41.1 billion yen, or $479.7 million, from 40.9 billion yen, or $477.3 million, a year ago.

Mizuno ended the period with 129.8 billion yen, or $1.5 billion, in cash, and interest-bearing debt of 20.8 billion yen, or $242.8 million.

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