Aided by double-digit growth in sales of sports footwear in Europe and the Americas, Mizuno lifted its turnover by 2.6 percent to ¥42.6 billion for the first quarter of its fiscal year, until the end of June. This would have been an increase of 3.8 percent excluding currency exchange rate changes. The Japanese group’s gross margin slipped by 1.4 percentage points to 41.5 percent and its operating profit declined by 15.5 percent to ¥2.7 billion, due to heightened marketing investments ahead of the Olympics. Its net income was down by 34.5 percent to ¥1.3 billion. However, the company has upgraded its forecast for the full year, partly due to the acquisition of Senoh Corporation. Mizuno predicts that it will end the fiscal year with a sales increase of about 7.7 percent and that its net profit will jump by 22.6 percent.
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