Net income slipped 23% in the second quarter ended Sep. 30 to ¥1,222 million ($11.5 mm) from ¥1,594 million, rebounding sequentially from Q1’s loss, as revenues declined 13% to ¥37,586 million ($354.3 mm) from ¥43,304 million. Gross margin contracted 80 basis points to 40.0%, while SG&A was down 9% in yen and deleveraged 180 b.p. on the lower sales. Mizuno issued FY21 initial guidance calling for revenues of ¥150,000 million, down from ¥169,742 million last year, and net income of ¥1,500 million, against ¥4,625 million in FY20. While trends have improved, it cautions that potential Covid-19 outbreaks could result in ... Log in to view full article.