Asics Corporation reported that revenues for the fiscal third quarter ended Dec. 31 grew 11.2% to ¥59.5 billion ($721 mm). Domestic Japanese net sales declined 12.9% (versus a 9-month YTD decline of 6.0%) to ¥13.8 billion, mainly due to the weak sales of sportstyle shoes and athletic wear.


The company reported that overseas regions posted strong sales of running shoes in Europe, the Americas and Australia. Mainly due to the higher sales and improvements of the cost of sales ratio overseas, operating income jumped 61.8% year on year to ¥6.6 billion ($80 mm). Net income for the fiscal third quarter rose 14.9% to ¥3.5 billion ($42 mm) due to the accrual of the prior-year income taxes in the third quarter of the preceding fiscal year. 


In the Americas, fiscal third quarter revenues increased 31.3% in U.S. dollar terms to $176 million (¥14.5 bn) from $134 million (¥12.0 bn) in the prior-year period. 


Operating income in the Americas region jumped 175% in U.S. dollar terms to $18 million (¥1.5 bn).  In home country Japanese Yen currency, Americas revenue grew 20.7% and operating income increased 153%.  In currency-neutral terms, nine-month year-to-date revenues were up 23.0% and operating income increased 96.3% for the period.


In Europe, fiscal third quarter revenues increased 4.7% in Yen terms to ¥17.1 billion ($207 mm) and operating income improved 34.5% to ¥4.1 billion ($50 mm) for the period.  Asia Pacific revenues increased 16.9% to ¥4.9 billion ($60 mm) for the quarter, while operating income for the region jumped 247% to ¥660 million ($8 mm) for the period.


Looking ahead, Asics Corp. expects full year revenues to come in at ¥237 billion, flat to previous forecasts, while net income was revised downward to ¥10.0 billion from the previous forecast of ¥10.5 billion for the year.