Asics Corp. Fiscal Q1 Net Plummets Nearly 85%; Forecast Remains

Asics Corporation posted a 16.0% decrease in revenues for the fiscal first quarter ended June 30.  Total consolidated worldwide revenues were Â¥54.9 billion ($563 mm), compared to Â¥65.3 billion ($625 mm) in the year-ago quarter. 

Gross margins contracted about 140 basis points to 43.5% of sales in the fiscal first quarter.  SG&A expenses, which declined 3.2% for the quarter, expanded 460 basis points as a percent of sales to 34.5% of sales in the period.

Operating profits fell 46.0% to ¥5.25 billion ($54 mm) for the fiscal first quarter, while net income plummeted 84.8% to ¥1.15 billion ($12 mm) versus the prior-year quarter.

Inventories at quarter-end were down roughly 2.5% to ¥39.6 billion
($415 mm).

The company's forecast for the fiscal year remained somewhat stable at Â¥225 billion, which would represent a 7.0% decline in revenues from the last fiscal year ended March 31.  Net income is now expected to come in at Â¥8 billion versus a previous forecast of Â¥10 billion and prior fiscal year net income of Â¥13 billion.

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Thomas J. Ryan

Thomas J. Ryan Senior Business Editor | SGB Media tryan@sgbonline.com | 917.375.4699

Asics Corp. Fiscal Q1 Net Plummets Nearly 85%; Forecast Remains

Asics Corporation posted a 16.0% decrease in revenues for the fiscal first quarter ended June 30.  Total consolidated worldwide revenues were ¥54.9 billion ($563 mm), compared to ¥65.3 billion ($625 mm) in the year-ago quarter.


Gross margins contracted about 140 basis points to 43.5% of sales in the fiscal first quarter.  SG&A expenses, which declined 3.2% for the quarter, expanded 460 basis points as a percent of sales to 34.5% of sales in the period.  Operating profits fell 46.0% to ¥5.25 billion ($54 mm) for the fiscal first quarter, while net income plummeted 84.8% to ¥1.15 billion ($12 mm) versus the prior-year quarter.


The company’s forecast for the fiscal year remained somewhat stable at ¥225 billion, which would represent a 7.0% decline in revenues from the last fiscal year ended March 31. 

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