Asics Corp. reported sales slid 7.3% in its year ended March 31, to �224.4 billion ($2.4 billion) versus a year ago. Net income declined 36.4% to �8.3 billion ($89.8 million). In the Americas, sales of running shoes “remained brisk” but sales growth was held back by foreign exchange rates. Sales in the Americas increased 0.2% (an increase of 11.1% using the previous fiscal year's foreign exchange rate) to �53 billion ($571 million) and operating income decreased 5.2% (an increase of 5.2% using the previous fiscal year's foreign exchange rate) to �3.09 billion ($33.2 million).
Companywide, operating income in the full year slid 23.2% to �17.6 billion ($189 million) a year ago.
For the current year, Asics Corp. expects sales to climb to 2.9% to �231 billion ($2.5 billion). Earnings are expected to climb 38.1% to �11.5 billion ($126.5 million) while operating income is expected to advance 16.6% to �20.5 billion ($225.5 million).
For the fiscal first half, revenues are expected to climb 5.2% to �116.5 billion ($1.28 billion). Earnings are expected to jump 128.9% to �6 billion ($66 million) and operating earnings to gain 21.7% to �11.5 billion ($126.5 million.)
In a statement, Asics said that in its year ended March 31, 2010, “the global economy recovered at a moderate pace but remained negative. The Japanese economy also staged a steady recovery, but severe conditions continued due to deterioration in the employment situation, weak personal consumption, and other issues. In the sporting goods industry, rising health consciousness led to consumers' greater interest in sports. However, the business condition remained challenging because of the severe impact of consumer reluctance toward making expenditures.”
