Asics Corporation exceeded its expectations in the first nine months of the fiscal year, the Japanese sporting goods maker announced on Friday. The running shoe specialist was able to increase its sales particularly in South and Southeast Asia and in China.
In the months of January to September, group sales amounted to 363 billion Japanese yen (about 2.54 billion euros), an increase of 12.7 percent compared to the same period last year. As in the previous year, ‘Performance Running’ was the growth engine in the first nine months of 2022. The division recorded an almost 17.8 percent increase in sales to 197.2 billion Japanese yen.
In the domestic market of Japan, sales amounted to 89.1 billion Japanese yen, 3.2 percent more than in the same period last year. But Asics has also achieved growth in the other important market regions in the nine months since the beginning of the year. In North America, sales increased by 14.2 percent (-2.9 percent at constant currency) to 75.6 billion Japanese yen, in Europe by 12.7 percent (at constant currency +7.3 percent) to 102.4 billion Japanese yen. In Greater China, revenue was 47.6 billion Japanese yen, up 16.1 percent (currency-adjusted +0.9 percent) on the same period last year. The sports brand was able to record significant growth in South and Southeast Asia, where sales increased by 79.2 percent (currency-adjusted +59.6 percent) to 13.8 billion Japanese yen.
Despite the impact of higher logistics costs in the US and Europe, Asics was able to increase its operating profit in the first nine months. The company cites growth in South and Southeast Asia as well as in Oceania as the reason for this. This achieved a small plus of 0.7 percent to 36 billion Japanese yen. Net income was 23.2 billion Japanese yen, up 21.9 percent from the same period last year.