Mizuno penalised by exchange rates
In the first six months of its 2015/2016 fiscal year, covering the April-September period, Japanese sports outfitter Mizuno recorded a 7.8% sales rise, reaching $792 million (JPY96.9 billion). However, its operational income declined by 46.6%, down to $11.4 million (JPY1.4 billion). The outfitter stated that the decrease was due to adverse exchange rate effects, notably in Europe.
Sales in the EMEA region increased instead by 10.2%, boosted by shoes for running and indoor sports, such as handball.
Mizuno notably posted a positive performance in Germany, one of its key markets. The sports brand was also one of the activity sponsors for the Hamburg marathon.
Sales in the Americas region rose 12.6%. New product sales in the running shoes category helped Mizuno regain market share.
Sales in the Asia and Oceania regions rose 25.3%, while the Japanese domestic market grew 3.5%.
Mizuno is on track with its forecasts and expects a total revenue of $1.6 billion (JPY200 billion), with an operating income of $49.1 million (JPY6 billion).
Copyright © 2023 FashionNetwork.com All rights reserved.