Mizuno Corp. reported sales fell 8.2% in its year ended March 31 to 148.7 billion ($1.63bn) as revenues decreased in Japan, the Americas and Asia in local currencies. Thanks to cost cutting efforts, the Japanese sporting goods giant returned to profitability for the year.

Mizuno earned 1.82 billion ($20mm) versus a loss of 1.22 billion a year ago. Operating profits reached 2.8 billion ($31mm), slightly below 2.9 billion a year earlier.

Gross margin increased 0.2 percentage points because of inventory reduction and enhanced purchase control.

In North America, sales slid 18% to 18.4 billion ($202.9 million). In currency neutral terms, sales in North America were down 8.6%. Its footwear and apparel business in the region was stable. Baseball and Golf decreased by 6% and 23%, respectively.

Japan’s sales slid 4.4% to 111.8 billion (1.2 billion). Golf sales decreased by 9% vs FY2008. Baseball and athletic sales showed a slight decline.

In Europe, revenues were down 8.6% to 10.1 billion ($111mm) and were off 5.7% on a currency-neutral basis. Footwear and apparel business increased by 5% because of strong sales of running shoes. Golf increased by 4%.

In Asia Oceania (excluding Japan, revenues were down 27.2% to 8.4 billion ($91.7mm). Sales were down 18.9% in currency neutral terms. Taiwan business records good sales in all category. Footwear & apparel business decrease by around 30% in China.