Bolstered by higher selling prices and lower material costs, Mizuno reported net income of ¥960 million ($9.2 mm) against a loss of ¥640 million for the first quarter ended Jun. 30 despite a 5% decline in sales to ¥45,937 million ($420.6 mm) from ¥48,422 million last year. Gross margin expanded 280 b.p. to 40.6% on the higher prices and favorable currency help from the stronger yen. SG&A deleveraged by 20 b.p. to 37.2% of sales on the top line decline. Advertising and promotion spending was also curtailed, dropping to 2.6% of sales from 2.9% prior. Mizuno said its major corporate ... Log in to view full article.