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Mizuno Corporation's Q3 FY19 net income grew 11.3%

03
Mar '20
Pic: Mizuno Corporation
Pic: Mizuno Corporation
Mizuno Corporation, a Japanese sportswear company, posted 3.9 per cent decrease in revenue to ¥122.7 billion (Japanese Yen) in Q3, Year-over-Year (YoY) basis, FY19 compared to ¥127.7 billion in same period prior year.  However, net income in Q3 YoY that ended on December 31, 2019 grew 11.3 per cent to ¥3.2 billion compared to ¥2.9 billion in Q3 FY18.
 
The company reported that sales in Japan decreased (¥83 billion) due to weak sales of sporting goods although outsourced facilities management business and facility materials sales kept growing. In Americas (¥15.2 billion) and Europe (¥11.4 billion), sales in golf and running were reportedly strong. In Asia/Oceania (¥13.1 billion), sales decreased as retail business in China was turned to license business, as company reported.
 
Gross margin decreased 4.4 per cent to ¥50.9 billion in the quarter. 
 
Operating profit in Q3 increased 1 per cent to ¥4.4 billion. This increase was reportedly due to the reduction in expenses in Americas and China where business restructuring was done in previous years.
 
SG&A (Selling General & Administrative) expenses fell 4.9 per cent to ¥46.5 billion. 
 
Ordinary profit grew 7.7 per cent to ¥4.5 billion compared to ¥4.1 billion in same quarter prior year. This growth was attributable to the increase of operating profits and lower interest expense resulting from the reduction of loans, as company reported.
 
Apparel revenue in the quarter decreased to ¥35.6 billion compared to ¥38.6 billion in same quarter prior year. Revenues from Footwear stood at ¥36.5 billion (Q3 FY18: ¥38.3 billion), Equipment at ¥28.5 billion (Q3 FY18: ¥28.6 billion) and Service/Others at ¥22.1 billion (Q3 FY19: ¥22.2 billion).

Fibre2Fashion News Desk (JL)


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