Japanese athletic firm Mizuno Corp. saw its third quarter profit surge thanks to doubled sales in Europe, America and Asia.
For the period ended Dec. 31, 2010, Mizuno earned a net income of 1.6 billion yen, or $19.2 million at current exchange — a 44 percent increase from the same period a year earlier.
Sales rose in every region except its home ground of Japan, said the firm, and footwear was one of the strongest growth drivers.
On a currency-neutral basis, revenue rose 20 percent in Europe, 16 percent in the Americas and 1 percent in Asia. Revenue in Japan fell 2 percent.
Footwear sales grew 14 percent in Europe and surged 30 percent in the Americas.
Mizuno also reported a gross profit margin improvement to 42.4 percent, thanks to a decrease in obsolete inventory and reduction in purchase costs.
For the full year ending Mar. 31, 2011, Mizuno expects to earn a net income of 2 billion yen, or $24 million, on net revenue of 150 billion yen, or $1.8 billion.
