Mizuno Results Tumble on Weak U.S. Market
Net income for the year ended Mar. 31 was down 66% to ¥710 million ($6.2 mm) compared to ¥2,085 million as sales for the year declined 4% to ¥188,718 million ($1,040.9 mm) from ¥196,072 million. Hit by weakness in the golf market and exposure to the U.S. bankruptcy epidemic, the Americas region was by far the biggest component of the disappointing results, as sales fell 24% to ¥24,159 million ($211.8 mm) from ¥31,570 million, and currency hit the top line with another 770 b.p. that hurt the key Brazil operation in particular. Japan managed a 2% growth rate to ... Log in to view full article.