Asics Sees U.S. Sales Jump 40 Percent in Fiscal Third Quarter

March 1, 2009
SGB Executive
by

Asics Corp. reported fiscal third quarter sales in the U.S. jumped 19.7 percent to approximately ¥13.94 billion ($145 mm) for the period ended December 31, compared to approximately ¥11.65 billion ($103 mm) last year.  In U.S. dollar terms, sales were up more than 40 percent for the quarter.  Operating profit for the region, however, fell 22.6 percent to ¥695.0 million ($7.2 mm) from ¥898.0 million ($7.9 mm), or roughly 9 percent in U.S. dollar terms, for the year-ago quarter.

Company-wide, Asics Corp. reported net sales of ¥60.42 billion ($629 mm) in the period, increasing 5.5 percent from net sales of ¥57.27 billion ($506 mm) last year.  Operating profit declined 9.1 percent to ¥5.97 billion ($62 mm) which led to a 45.6 percent drop in net income to ¥2.19 billion ($23 mm).

In other regions, sales declined 4.4 percent in Europe to ¥19.25 billion ($200 mm) as operating profit slipped 2.9 percent to ¥4.30 billion ($45 mm).  Domestic sales for the company in Japan declined 3.1 percent to ¥21.98 billion ($229 mm), but regional operating income dropped 24.9 percent to ¥611.0 million ($6 mm).

By category, global footwear sales increased 4.8 percent for the quarter to ¥46.03 billion ($479 mm). International footwear sales (outside of Japan) grew 6.3 percent to ¥34.60 billion ($360 mm), but inched up just 0.4 percent to ¥11.43 billion ($119 mm) in Japan. Global apparel sales increased 11.0 percent to ¥10.86 billion ($113 mm) due to a 30.8 percent jump in international sales to ¥3.88 billion ($40 mm). Apparel sales in Japan increased 2.3 percent to ¥6.98 billion ($73 mm).  Global equipment sales slipped 0.9 percent to ¥3.53 billion ($37 mm) as strong growth internationally — up 39.0 percent to ¥874 million ($9 mm) — could not offset a 9.4 percent decline in Japan domestic sales to ¥2.66 billion ($27.6 mm).

For the full fiscal year, Asics lowered its guidance, now expecting net sales to grow 7.4 percent to ¥243.00 billion ($2.46 bn), with net income dropping 19.8 percent to ¥10.50 billion ($106 mm). At the end of the fiscal first half, the company had anticipated net sales of ¥248.00 billion with net income of ¥13.50 billion.

Asics Sees U.S. Sales Jump 40% in Fiscal Third Quarter

February 1, 2009
SGB Update

Asics Corp. reported fiscal third quarter sales in the U.S. jumped 19.7 percent to approximately ¥13.94 billion ($145 mm) for the period ended December 31, compared to approximately ¥11.65 billion ($103 mm) last year. In U.S. dollar terms, sales were up more than 40 percent for the quarter. Operating profit for the region, however, fell 22.6 percent to ¥695.0 million ($7.2 mm) from ¥898.0 million ($7.9 mm), or roughly 9 percent in U.S. dollar terms, for the year-ago quarter.

Company-wide, Asics Corp. reported net sales of ¥60.42 billion ($629 mm) in the period, increasing 5.5 percent from net sales of ¥57.27 billion ($506 mm) last year. Operating profit declined 9.1 percent to ¥5.97 billion ($62 mm) which led to a 45.6 percent drop in net income to ¥2.19 billion ($23 mm).

In other regions, sales declined 4.4 percent in Europe to ¥19.25 billion ($200 mm) as operating profit slipped 2.9 percent to ¥4.30 billion ($45 mm). Domestic sales for the company in Japan declined 3.1 percent to ¥21.98 billion ($229 mm), but regional operating income dropped 24.9 percent to ¥611.0 million ($6 mm).

By category, global footwear sales increased 4.8 percent for the quarter to ¥46.03 billion ($479 mm). International footwear sales (outside of Japan) grew 6.3 percent to ¥34.60 billion ($360 mm), but inched up just 0.4 percent to ¥11.43 billion ($119 mm) in Japan. Global apparel sales increased 11.0 percent to ¥10.86 billion ($113 mm) due to a 30.8 percent jump in international sales to ¥3.88 billion ($40 mm). Apparel sales in Japan increased 2.3 percent to ¥6.98 billion ($73 mm). Global equipment sales slipped 0.9 percent to ¥3.53 billion ($37 mm) as strong growth internationally — up 39.0 percent to ¥874 million ($9 mm) — could not offset a 9.4 percent decline in Japan domestic sales to ¥2.66 billion ($27.6 mm).

For the full fiscal year, Asics lowered its guidance, now expecting net sales to grow 7.4 percent to ¥243.00 billion ($2.46 bn), with net income dropping 19.8 percent to ¥10.50 billion ($106 mm). At the end of the fiscal first half, the company had anticipated net sales of ¥248.00 billion with net income of ¥13.50 billion.

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