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Article Date: August 2018
Word Count: 215

Mizuno Sales, Profits Slip in FQ1

Comprehensive net income slipped 25% to ¥384 million ($3.5 mm) from ¥511 million in the fiscal first quarter ended Jun. 30 on a 7% sales decline to ¥42,750 million ($391.8 mm) from ¥45,937 million. Excluding foreign exchange effects and other comprehensive items, net income was down 17% to ¥796 million. Gross margin expanded 190 basis points to 42.4%. Footwear sales declined 5% to ¥12.3 billion ($113 mm), apparel was off 8% to ¥13.3 billion ($122 mm), equipment slipped 12% to ¥10.2 billion ($93 mm) and the services business was down 1% to ¥6.9 billion ($63 mm).


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