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 Â¥5.25 billion ($54 mm) for the fiscal first quarter, while net income plummeted 84.8% to Â¥1.15 billion ($12 mm) versus the prior-year quarter.
Inventories at quarter-end were down roughly 2.5% to Â¥39.6 billion
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.