Japanese sportswear giant Asics released its financial report for the first nine months of fiscal year 2024, ending September 30, 2024. The report shows a 17.3% year-on-year increase in sales, with the Greater China region experiencing a significant growth rate of 27.5%. The company’s profits accelerated, prompting an upward revision of its full-year performance forecast.
As of the market close on November 11, Asics’ stock price rose by 4.22% to JPY 2,718.5 per share, bringing the company’s latest market capitalization to JPY 1.946 trillion.
Over the first nine months, Asics reported net sales of JPY 525.45 billion, up 17.3% year-on-year. Operating profit surged by 64% to JPY 91.52 billion, while net income attributable to shareholders rose by 61.2% to JPY 65.94 billion. (Note: Currently, JPY 100 is approximately equivalent to USD 0.64).
For the full fiscal year ending December 31, Asics anticipates net sales to rise by 19.2% year-on-year to JPY 680 billion, with operating profit expected to grow by 84.4% to JPY 100 billion and net income attributable to shareholders to increase by 78.6% to JPY 63 billion.
Asics attributed the growth in net sales to robust performance across all categories, aided partially by exchange rate fluctuations. This increase in net sales and profit subsequently drove the growth in operating profit and net income.
According to Asics, the company’s gross margin for the first nine months reached 55.4%, and its operating margin stood at 17.4%, both marking historical highs for the second consecutive year. Continuing the trend from the first half of the fiscal year, the SportStyle division and the Onitsuka Tiger division remained key drivers of company-wide momentum. The SportStyle division saw a substantial year-on-year growth of 63.4%, with North America sales more than doubling and sales in the Greater China region nearly doubling. Sales for the Onitsuka Tiger division also recorded a significant year-on-year growth of 52.7% over the first nine months.
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| Source: Official Financial Report
| Image Credit: Brand’s Official Website
| Editor: LeZhi
