Net income declined 39% to ¥308 million ($2.8 mm) in the fiscal third quarter ended Dec. 31 from ¥501 million last year as revenues slipped 9% to ¥37,242 million ($342.6 mm) from ¥40,702 million. Gross margin inched up 10 basis points to 41.1% in the quarter, and SG&A declined slightly in yen, but deleveraged 160 b.p. on the lower top line. Mizuno lowered its guidance for the full year, and now expects sales of ¥175,000 million ($1,609 mm) down from previous guidance of ¥185,000 million, and net income of ¥5,200 million ($47.8 mm), against an earlier expectation of a ¥5,800 ... Log in to view full article.