Mizuno First Half Mixed

Japanese athletic firm Mizuno Corp. saw first-half profit slide despite strong sales of running shoes and golf products.

For the six months ended Sept. 30, the Osaka, Japan-based company earned a net income of 1.7 billion yen, or $21.4 million at current exchange, a 23.7 percent decrease from 2.2 billion yen, or $27.7 million, in the same period a year ago.

Revenue advanced 4.2 percent to 81.3 billion yen, or $1.02 billion. The bottom line was hit by an increase in selling, general and administrative expenses associated with marketing during the Olympic Games, and increased purchasing costs.

In the Americas, sales rose 7 percent on a currency-neutral basis on the back of a 19 percent bump in sales of running shoes.

Sales advanced 6.3 percent in Japan, thanks to improving consumer confidence. The firm said running shoes drove the domestic business.

In Europe, sales declined 1.6 percent currency-neutral. The golf market also shrank due to bad weather.

The full-year forecast remains unchanged, predicting revenue of 167 billion yen, or $2.1 billion, and net income of 3.8 billion yen, or $47.8 million.

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