On July 12, Japanese sports giant Asics revised its consolidated performance forecast for the fiscal year ending December 31, 2024. Considering the outstanding preliminary results for the second quarter, the company raised its full-year operating profit forecast by 64% to a record 95 billion yen.
Additionally, the company also raised its net sales and net profit forecasts to historical highs:
- Net sales are projected to rise from the previously estimated 590 billion yen to 660 billion yen (approximately 30.36 billion RMB), an increase of 11.9%.
- Net profit is projected to rise from the previously estimated 36 billion yen to 58 billion yen (approximately 2.67 billion RMB), an increase of 61.1%.
Looking ahead, Asics expects categories such as SportStyle to continue performing well throughout the year, with Onitsuka Tiger sales growing steadily in Japan and the Greater China region. Regionally, Japan, North America, Europe, and the Greater China region are expected to continue their growth.
Asics pointed out that the weak yen is boosting the company’s performance. In the second quarter, demand outside Japan surged, with a 38% year-on-year growth in the Greater China region, a 30% year-on-year growth in Southeast and South Asia, and a 16% year-on-year growth in the United States. Domestic sales grew by 24%.
On the same day, Asics also announced it would dissolve all cross-shareholdings and conduct a secondary offering. Shareholders such as MUFG Bank and Sumitomo Mitsui Banking Corp. plan to sell up to 85 million shares.
Earlier this year, Asics launched the Nimbus Mirai performance running shoes and announced a partnership with American recycling company TerraCycle to officially start footwear recycling. Notably, the Nimbus Mirai performance running shoes are Asics’ first shoes to achieve “closed-loop recycling.”
｜Source: Official press release, Luxe.CO historical articles, Bloomberg
｜Image source: Asics official website
｜Editor: Wang Jiaqi
