Mizuno Profit Rises

Japanese athletic firm Mizuno Corp. ended fiscal 2010 with stronger top and bottom lines, despite the March earthquake in Japan that dented domestic sales.

For the year ended March 31, the Osaka, Japan-based firm’s net income rose 77 percent to 2.8 billion yen, or $34.2 million at current exchange, from a year earlier. Earnings per share stood at 22.8 yen, or 28 cents, compared with 12.9 yen, or 16 cents, in the previous year.

Revenue totaled 150.3 billion yen, or $1.8 billion, with Europe and the Americas both showing the largest increases on a currency-neutral basis.

European sales surged 20 percent and the Americas advanced 16 percent, while Asia (excluding Japan) rose 2 percent. Japan sales, which represent 75 percent of the group’s business, slipped 1 percent, as the earthquake and tsunami resulted in a significant slowdown in domestic consumption, the firm said in a statement.

By product segment, sales of footwear performed the best globally, showing an increase of 10 percent over the previous year, according to Mizuno.

The company expects EPS for fiscal 2011 to come in at 20.1 yen, or 25 cents.

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