Mizuno sales drop 1.7% but profit rise by 21.7% in the first half

Mizuno sales chain ten consecutive quarters down. The Japanese sports equipment company has closed the first six months of its fiscal year, which runs from April to May, with a decrease in revenue of 1.7%, up to 85,500 million yen (711 million euros). Its net profit, however, increased by 21.7%, to 2.9 billion yen (24 million euros).

The increase in profit is explained by “the reduction of expenses in North America and Latin America and in China,” where the restructuring applied by Mizuno in recent years “has begun to give results,” they indicate. In fact, Americas it is the only territory in which the company has registered a rise in sales, up 11.8%, to 10,400 yen (86.4 million euros).

Results in this market is still far from Japan, which represents more than two thirds of the total. However, revenues in its main market fell by 3.1%, to 58.6 billion yen (487.2 million euros). In Europe, sales stagnated at 7.8 billion yen (64.8 million euros), while in Asia-Oceania they fell 6.4%, to 8.7 billion yen (72.3 million euros).

By product categories, the textile leads the sales of the Japanese brand, although sales fell by 5.2%, up to 25,000 million yen (207.8 million euros). The revenue of sports shoes stood at 24.7 billion yen (205.3 million euros), 2.3% less. Revenues from equipment items were anchored at 20.3 billion yen (168.7 million euros) and the provision of services registered an increase of 1.3%, to 15.4 billion yen (128 million euros).