ASICS Corp. saw strength across the globe drive sales for fiscal 2008, as footwear and equipment both grew, but apparel sagged slightly.
Overall, the company reported a 16.3% jump in net revenues for the fiscal year ended March 31 to ¥226.17 billion ($1.99 bn) from ¥167.52 billion ($1.67 bn) last year. Growth in footwear and equipment more than offset a modest decline in apparel sales. Net income declined 5.6% to ¥13.10 billion ($115.0 mm) from ¥13.88 billion ($118.8 mm) for fiscal 2007, due to an increase in non-operating expenses.
In the U.S., net sales grew 16.3% to ¥50.22 billion ($440.9 mm) from ¥43.18 billion ($369.6 mm) last year. Operating income in the U.S. jumped 22.8% to ¥4.31 billion ($37.8 mm) from ¥3.51 billion ($30.0 mm). Sales grew 15.6% in the EU to ¥71.12 billion ($624.4 mm) from ¥61.53 billion ($526.7 mm), with operating income increasing 14.0% to ¥12.39 billion ($108.7 mm) from ¥10.87 billion ($93.0 mm).
In Japan, sales rose 9.5% to ¥89.18 billion ($783.0 mm) from ¥81.44 billion ($697.1 mm) as operating income increased 14.3% to ¥4.97 billion ($43.6 mm). The rest of the world saw sales grow 35.4% to ¥11.33 billion ($99.5 mm) from ¥8.37 billion ($71.6 mm), but operating income declined 5.5% to ¥1.83 billion ($16.1 mm).
Net sales of footwear grew 23.6% to ¥167.19 billion ($1.47 bn) from ¥135.25 billion ($1.16 bn) last year with sales growing slightly faster in Japan than the rest of the world. Apparel was the only soft spot for ASICS during fiscal 2007, as sales decline 2.5% to ¥41.59 billion ($365.2 mm) from ¥42.67 billion ($365.3 mm) last year.
Apparel sales were relatively flat in Japan, but declined 9.1% for the rest of the world. Equipment, the companys smallest product segment, grew 4.8% to ¥17.39 billion ($152.7 mm) as sales outside of Japan jumped 12.5% to ¥2.13 billion ($18.7 mm). Equipment sales within Japan increased 3.8% to ¥15.26 billion ($134.0 mm).
Looking to fiscal 2009, the company expects net sales to grow 17.7% to ¥260.00 billion with net income rising 18.4% to ¥15.50 billion. For the first half of fiscal 2009, net sales should rise 17.7% to ¥128.00 billion on net income of 4.9% to ¥8.70 billion.
