Net income inched higher in the fiscal third quarter ended Dec. 31 to ¥1,814 million ($16.0 mm) from ¥1,812 million the year before, as revenues declined by 2% to ¥39,800 million ($350.0 mm) from ¥40,492 million. The top line drop led Mizuno to lower its full-year revenue guidance to ¥173,000 million from ¥175,000 million guided previously, but it raised its net income guidance to ¥6,500 million from its ¥5,000 million expectation at the end of FQ2. The Japanese sports brand noted that margin improvements and expense reductions have resulted in record year-to-date operating income and net profit.

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