Operating income jumped 57.9 percent to v5.7 billion ($68.9 million).
Although the gross margin declined by 1.5 points given the effect of a weaker yen, the SG&A expense ratio improved by 2.4 points, contributing to an increase in operating profit Net earnings improved 35.7 percent to ¥2.6 billion ($31.9 million).
Sales in Japan were up 3.0 percent to ¥14.4 billion ($1.52 billion. Operating income climbed 22.3 percent to ¥3.1 billion ($37.8 million). Sales of walking shoes grew and running shoes remained strong on the back of a trend toward healthy lifestyles.
European sales were up 38.4 percent to ¥14.4 billion ($175 million). The gains were due to strength in running-related products and indoor sports-related footwear as well as gains made by local subsidiaries that had been established in Italy and Spain. Difficult economic conditions continued for the golf business, although inventories have improved.
Sales in the Americas jumped 32.9 percent to ¥30.6 million ($370 mm), aided by a continued healthy performance in all product categories, including golf, volleyball and baseball, although hinging mainly on running. Operating profits jumped 86.7 percent to ¥1.68 billion ($20.4 million).
Revenues in Asia jumped 50.9 percent to ¥12.9 billion (156 million). Operating profits reached ¥380 million ($31.9 mm) against a loss of $53 million ($600,000)
For its fiscal year ended March 2015, Mizuno expects revenues to reach ¥195.0 billion, a gain of 6.4 percent versus the year-ago period. Operating profit are expected to climb 40.5 percent to ¥8.0 billion while net profit is expected to gain 89.4 percent to ¥5.0 billion.
About Mizuno:
The Mizuno Company was founded by Rihachi Mizuno in 1906 as a family run sporting goods store. The Mizuno store specialised in the supply of baseball and golf equipment imported from the USA.
Rihachi Mizuno became frustrated with the quality of imported products and sought local Japanese factories who could manufacture to higher specifications. The domestic made products were labelled under the family name, giving birth to the Mizuno brand.
In 1935 Mizuno opened its first sales headquarters in Osaka. 'Yodoyabashi' was the tallest building in its area and became a symbol of Mizuno's progressive nature. When Mizuno moved to its current office in 1992, Yodoyabashi was converted into Mizuno's flagship store at the heart of the city that grew around it.
The company's unique family management allowed a focus on research, design and development, creating highly sophisticated technical products. The performance of Mizuno's equipment came to the attention of America and Europe's leading sportsmen as they sought every means to set new sporting boundaries. Mizuno's popularity amongst these sporting icons initiated the export of Mizuno products and the start of Mizuno's global business. Mizuno's current international status is reflected with staff in offices at Tokyo, Paris, Munich, Atlanta, Shanghai, Hong Kong and London.
Mizuno's now has a permanent place in sporting history. Carl Lewis, Ivan Lendl, Severiano Ballesteros, Nick Faldo, Rivaldo, and the New Zealand All Blacks all reached the pinnacle of their sports with Mizuno equipment. Mizuno is a keen supporter of the Olympic movement since its involvement in the 1964 Tokyo games. In 1972 Mizuno was an official supplier at Sapporo and again for the winter games in Nagano. The company run the Official workshop to the PGA European Tour in golf and host The Mizuno Open, a golf tournament in Japan that qualifies its winner directly to The Open.
Mizuno has emerged unscathed from its first 100 years, still family managed with its core beliefs unchanged. Persistence with precision manufacturing and an preference for performance over fashion.
By press release
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