Mizuno Q2 Income Up

Mizuno Corp. saw its second-quarter profit nearly double, thanks to strong sales in Europe and North and South America.

The athletic company, based in Osaka, Japan, said Wednesday its net income for the period ended Sept. 30 was 1.78 billion yen, or $21.6 million at current exchange, a 91 percent improvement over 931 million yen, or $11.3 million, in the same period last year.
Revenues from Europe and North and South America more than doubled, on a currency neutral basis. However, revenues from Japan, Asia and Australia nearly halved. As a result, total group revenue stayed flat at 76.2 billion yen, or $923 million, compared to a year ago.
The company said sales of sports shoes, especially running shoes, were strong in the quarter, and that it is seeing a strong recovery in the golf business.
Mizuno also revised its full-year forecast. According to the company, net income will now increase by 25 percent to 2 billion yen, or $24.2 million, while sales will decrease by 3 billion yen, or $36.3 million, from the previous forecast due to exchange-rate losses.

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