Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

August 9, 2024

Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Under Japanese GAAP)
Company name: Mizuno Corporation
Listing:
Tokyo Stock Exchange
Securities code:
8022
URL:
https://corp.mizuno.com/en
Representative:
Akito Mizuno, President and Representative Director
Inquiries:
Yoshihiro Murakami, Executive Officer in charge of Global Accounting and Finance
Telephone:+81-6-6614-8465
Scheduled date to commence dividend payments:–
Preparation of supplementary material on quarterly financial results: Yes
Holding of financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30,2024)(1) Consolidated operating results (cumulative)
Net sales
Three months ended(Percentages indicate year-on-year changes.)

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2024

60,783

6.3

6,498

21.6

7,398

16.9

5,135

10.0

June 30, 2023

57,176

23.8

5,344

40.8

6,328

39.8

4,670

33.2

Note: Comprehensive income

For the three months ended June 30, 2024:
For the three months ended June 30, 2023:
Earnings
per share

8,067 million yen [19.8%]
6,734 million yen [17.9%]

Diluted earnings
per share

Three months ended

Yen

Yen

June 30, 2024

200.85–June 30, 2023

182.72–(2) Consolidated financial position
Total assets
As of

Net assets

Capital adequacy ratio

Millions of yen

Millions of yen

June 30, 2024

205,484

148,101

71.7

March 31, 2024

206,151

142,065

68.6

Reference:

EquityAs of June 30, 2024:
As of March 31, 2024:

147,365 million yen
141,454 million yen%

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025–

Fiscal year-end

Total

Yen

Yen

35.00

–

85.00

120.00

60.00

–

60.00

120.00–Fiscal year ending
March 31, 2025
(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated financial result forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024 toMarch 31, 2025)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

Full year

250,000

Operating profit% Millions of yen

8.8

Profit attributable toowners of parent

Ordinary profit%

19,000 10.0

Millions of yen%

20,500 6.3

Note: Revisions to the financial result forecast most recently announced: None

Millions of yen

Earnings
per share%Yen

15,000 4.8

586.64

* Notes(1) Significant changes in the scope of consolidation during the period: Yes
Newly included: 2 companies (MIZUNO APAC (THAILAND) LTD., MIZUNO SIAM HOLDINGS LTD.)
Excluded:–(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:
Yes
Note: For details, please refer to “2. Quarterly Consolidated Financial Statements and Principal Notes, (3)Notes to Quarterly Consolidated Financial Statements, (Adoption of accounting treatment specific to the
preparation of quarterly consolidated financial statements)” on page 8 of the attachments.
(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

26,578,243 shares

As of March 31, 2024

26,578,243 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2024

1,007,766 shares

As of March 31, 2024

1,007,101 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal
year)
Three months ended June 30, 2024

25,570,771 shares

Three months ended June 30, 2023

25,563,194 shares* Review of the Japanese-language originals of the attached consolidated quarterly financial statements bycertified public accountants or an audit firm: None
* Proper use of earnings forecasts and other special matters
The earnings forecasts and other forward-looking statements herein are based on information currently
available to the Company and certain assumptions that the Company deems reasonable. Actual results may
differ significantly from these forecasts due to a wide range of factors.

Table of Contents - Attachments
1. Overview of Operating Results and Financial Position .................................................................................. 2(1) Overview of Operating Results for the Period ............................................................................................. 2(2) Overview of Financial Position for the Period ............................................................................................. 3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Statements .............. 3
2. Quarterly Consolidated Financial Statements and Principal Notes ................................................................ 4(1) Quarterly Consolidated Balance Sheets ..................................................................................................... 4(2) Quarterly Consolidated Statements of Income and Comprehensive Income ............................................. 6(3) Notes to Quarterly Consolidated Financial Statements .............................................................................. 8(Changes in accounting policies) ........................................................................................................... 8(Adoption of accounting treatment specific to the preparation of quarterly consolidated financial
statements) ....................................................................................................................................... 8(Notes on segment information, etc.) ...................................................................................................... 9(Notes in case of significant changes in shareholders’ equity) .............................................................. 10(Notes on going concern assumption) ................................................................................................... 10(Notes to consolidated statements of cash flows) ................................................................................... 10

1

1. Overview of Operating Results and Financial Position(1) Overview of Operating Results for the Period
During the period under review, the Japanese economy maintained a gradual recovery trend. This wasprimarily thanks to improved employment and income conditions due to further wage increases and the effectof various policies including flat-amount cut of personal income tax, and the Nikkei Stock Average remaining
at high levels. However, the economy witnessed the volatility of the financial market, higher prices, and others,
and therefore, there are concerns lingered regarding the sluggish growth of corporate earnings and personal
consumption. While overseas economies have also continued to recover, there are concerns about theslowdown of consumption owing to continuing high interest rates and increases in prices, as well as theimpacts of growing instability in the global situation on financial markets and distribution networks.
Amid the excitement over the global sport events, the sport market has expected growing opportunities fora wide range of sports. Meanwhile, the expansion of the sport market for outdoor personal sports such as golf,
which continued to expand since the COVID-19 pandemic, has been steady.
Under such circumstances, the Group’s sales in Japan remained robust in competitive sports products
including football, volleyball, and racket sports, and sales of the work business remained strong. Overseas sales
also continued to grow in products for competitive sports such as football and lifestyle shoes.
As a result of these factors, net sales were 60,783 million yen, up 3,606 million yen (up 6.3% yoy),
operating profit was 6,498 million yen, up 1,153 million yen (up 21.6% yoy), ordinary profit was 7,398 million
yen, up 1,069 million yen (up 16.9% yoy), and profit attributable to owners of parent was 5,135 million yen,
up 464 million yen (up 10.0% yoy), all of which were record highs.
Performances of each business segment are as follows.
a Japan
In Japan, sales of products for competitive sports, such as football, volleyball, and racket sports, remained
strong. In addition, the work business, which is our non-sports businesses, remained solid. Sales of lifestyle
shoes, which are the focus of our business expansion efforts in this region, increased as well.
As a result, the Group recorded net sales of 34,797 million yen, up 2,247 million yen (up 6.9% yoy), andoperating profit of 3,131 million yen, up 607 million yen (up 24.1% yoy).
b Europe
In Europe, the football business and lifestyle shoes business, which are the focus of our businessexpansion efforts in this region, enjoyed growth. Additionally, sales of products for competitive sports, such asvolleyball, also increased. Gross profit margin of running shoes, which is one of our main products, improved
reflecting our efforts to improve the margin.
As a result, although net sales decreased by 133 million yen (down 2.0% yoy) to 6,473 million yen,operating profit increased by 81 million yen (up 41.9% yoy) to 275 million yen.
The exchange rates for each currency in Europe during the period under review are as follows:
Pound Sterling: 197.80 yen (172.46 yen in the same period of the previous fiscal year); Euro (branches):
168.36 yen (150.35 yen in the same period of the previous fiscal year); Euro (subsidiaries): 160.89 yen (143.34
yen in the same period of the previous fiscal year); Norwegian Krone: 14.05 yen (13.14 yen in the same periodof the previous fiscal year)2

c Americas
In the Americas, sales increased especially in the products for competitive sports in spite of downward
pressures on business activities such as continuing high interest rates and advancing inflation. Gross profit
margin improved thanks to progress in optimizing inventory levels.
As a result, net sales were 11,293 million yen, up 846 million yen (up 8.1% yoy), and operating profit was
1,738 million yen, up 146 million yen (up 9.2% yoy).
The exchange rates for each currency in the Americas during the period under review are as follows:
U.S. Dollar: 147.86 yen (133.26 yen in the same period of the previous fiscal year); Canadian Dollar:
110.01 yen (98.62 yen in the same period of the previous fiscal year)d Asia and Oceania
In Asia and Oceania, the football business, which is the focus of our business expansion efforts in thisregion, experienced growth in South Korea and Southeast Asia. Furthermore, sales of products for competitive
sports, such as racket sports and volleyball, also increased. Sales of lifestyle shoes grew as well, even though
the increase was relatively modest.
As a result, net sales were 8,217 million yen, up 646 million yen (up 8.5% yoy), and operating profit was
1,379 million yen, up 297 million yen (up 27.5% yoy).
The exchange rates for each currency in Asia and Oceania during the period under review are as follows:
New Taiwan Dollar: 4.71 yen (4.38 yen in the same period of the previous fiscal year); Hong Kong
Dollar: 18.90 yen (17.02 yen in the same period of the previous fiscal year); Chinese Yuan: 20.55 yen (19.33
yen in the same period of the previous fiscal year); Australian Dollar: 97.61 yen (90.79 yen in the same periodof the previous fiscal year); Korean Won (per 100 won): 11.15 yen (10.44 yen in the same period of theprevious fiscal year); U.S. Dollar (Singapore): 147.86 yen (133.26 yen in the same period of the previous fiscal
year)(2) Overview of Financial Position for the Period
Total assets at the end of the period under review decreased by 666 million yen from the end of theprevious fiscal year to 205,484 million yen. This was primarily due to decreases of merchandise and finishedgoods by 2,642 million yen and accounts receivable - trade by 2,463 million yen, while cash and deposits
increased by 2,248 million yen and investment securities increased by 666 million yen.
Liabilities at the end of the period under review decreased by 6,702 million yen from the end of theprevious fiscal year to 57,383 million yen. This was primarily due to decreases of notes and accounts payable trade by 2,241 million yen and accounts payable - other, and accrued expenses by 1,880 million yen.
Net assets increased by 6,035 million yen from the end of the previous fiscal year to 148,101 million yen.
As a result of the above, the equity ratio increased by 3.1 percentage points from 68.6% at the end of theprevious fiscal year to 71.7%.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Statements
The consolidated financial results forecast for the fiscal year ending March 31, 2025 has not changed fromthe financial results forecast announced on May 10, 2024.

3

2. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4

As of June 30, 2024

31,963
4,814
43,996
45,117
749
6,577
6,122
(679)
138,662

34,212
5,413
41,53242,474
843
6,590
6,988
(708)
137,347

17,685
14,187
5,293
37,167

17,53914,1995,381
37,119

979
5,469
6,449

971
5,473
6,445

9,487
1,671
10,2703,075(632)
23,872
67,489206,151

10,153
1,806
10,413
2,796(598)
24,572
68,137
205,484

As of March 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Accounts payable - other, and accrued expenses
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of June 30, 2024

20,942750
328
15,1373,704
3,621
44,48518,7001,622
1,328
13,2572,567
1,228
38,704

11,586
2,116
1,807
249
338
3,501
19,59964,085

10,322
2,530
1,807
208
339
3,469
18,67857,383

26,13731,85471,447(1,864)
127,574

26,13731,85474,527(1,869)130,650

3,598
291
(319)
8,088
2,220
13,879611
142,065
206,151

4,042
607
(319)
10,2182,166
16,715735
148,101
205,484

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statement of Income
Three Months Ended June 30(Millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the three months ended
June 30, 2023
57,17634,28022,896
17,551
5,344

For the three months ended
June 30, 2024
60,78335,55725,22518,726
6,498

50
141
895
65
1,152

49
134
715
79
979

125
3
40
168
6,328

39
9
30
79
7,398

466
53
520

13
–
13

34
0
34
6,814
2,107
4,707
36
4,670

3
–
3
7,409
2,195
5,214
78
5,135

6

Quarterly Consolidated Statement of Comprehensive Income
Three Months Ended June 30(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

For the three months ended
June 30, 2023
4,707

For the three months ended
June 30, 2024
5,214

316
1,236
307
213
(46)
2,027
6,734

443
315
–
2,147
(54)
2,852
8,067

6,689

7,971

45

95

7

(3) Notes to Quarterly Consolidated Financial Statements(Changes in accounting policies)(Application of “Accounting Standard for Current Income Taxes” etc.)
The “Accounting Standard for Current Income Taxes” (Accounting Standards Board of Japan (“ASBJ”)
Statement No. 27, October 28, 2022; hereinafter referred to as the “Revised Accounting Standard 2022”), etc.
have been applied from the beginning of the three months ended June 30, 2024.
The amendment to categories in which current income taxes should be recorded (taxes on othercomprehensive income) follows the transitional treatment prescribed in the proviso of paragraph 20-3 of the
Revised Accounting Standard 2022 and the transitional treatment prescribed in the proviso of paragraph 65-2
(2) of the Guidance on Accounting Standard for Tax Effect Accounting (ASBJ Guidance No. 28, October 28,
2022; hereinafter referred to as the “Revised Guidance 2022”). This change in accounting policies has no
impact on the quarterly consolidated financial statements.
For the amendment related to the revised accounting treatment for consolidated financial statements when
gains or losses on the sale of shares in subsidiaries resulting from transactions between consolidated companies
were deferred for tax purposes, the Revised Guidance 2022 has been adopted from the beginning of the threemonths ended June 30, 2024. This revision in the accounting policies was applied retrospectively. Also, thequarterly consolidated financial statements for the same quarter of the prior fiscal year and the consolidated
financial statements for the prior fiscal year have been modified retrospectively. This revision in accounting
policies has no impact on the quarterly consolidated financial statements for the same quarter of the prior fiscal
year and the consolidated financial statements for the prior fiscal year.
(Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements)
Calculation of tax expenses
Tax expenses were calculated by multiplying profit before income taxes for the period under review by areasonably estimated effective tax rate for profit before income taxes for the fiscal year ending March 31, 2025,
including the three months ended June 30, 2024, after the application of tax effect accounting.

8

(Notes on segment information, etc.)
I.

For the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)

1. Information on net sales and profit (loss) for each reportable segment(Millions of yen)
Reportable segment
Japan

The
Americas

EuropeAsia and
Oceania

Total

Net sales
Net sales from externalcustomers

32,5506,607

10,447

7,571

57,176

Inter-segment internal
net sales and transfers

1,938

–

14

1,139

3,091

34,488

6,607

10,461

8,710

60,268

2,523

194

1,592

1,082

5,392

Total
Segment profit

2. Difference between total reportable segment profit (loss) and the amount recorded in the quarterly consolidated
statement of income, and major details of this difference (matters related to adjustments of difference)(Millions of yen)
ProfitAmountTotal reportable segment profit

5,392Inter-segment transaction eliminations and other adjustments(47)

Operating profit recorded in the quarterly consolidated
statement of income

9

5,344

II.

For the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)

1. Information on net sales and profit (loss) for each reportable segment(Millions of yen)
Reportable segment
Japan

The
Americas

EuropeAsia and
Oceania

Total

Net sales
Net sales from externalcustomers

34,797

6,473

11,2938,217

60,783

Inter-segment internal
net sales and transfers

1,559

–

9

985

2,554

36,357

6,473

11,3039,202

63,337

3,131

275

1,738

1,379

6,524

Total
Segment profit

2. Difference between total reportable segment profit (loss) and the amount recorded in the quarterly consolidated
statement of income, and major details of this difference (matters related to adjustments of difference)(Millions of yen)
ProfitAmountTotal reportable segment profit

6,524Inter-segment transaction eliminations and other adjustments(26)

Operating profit recorded in the quarterly consolidated

6,498

statement of income(Notes in case of significant changes in shareholders’ equity)
Not applicable.
(Notes on going concern assumption)
Not applicable.
(Notes to consolidated statement of cash flows)
The quarterly consolidated statement of cash flows for the three months ended June 30, 2024, are notprepared. The amount of depreciation (including amortization of intangible assets other than goodwill) andamortization of goodwill for the three months ended June 30, 2023 and June 30, 2024 are as follows:(Millions of yen)
For the three months ended

For the three months ended

June 30, 2023

June 30, 2024

(from April 1, 2023 to June 30, 2023) (from April 1, 2024 to June 30, 2024)
Depreciation

664

679

Amortization of goodwill

24

26

10