ASICS Corp. saw strength across the globe drive sales for fiscal 2008, as footwear and equipment sales both grew, but apparel sagged slightly.
Overall, the company reported a 16.3 percent jump in net revenues for the fiscal year ended March 31 to $1.99 billion from $1.67 billion last year. Growth in footwear and equipment more than offset a modest decline in apparel sales. Net income declined 5.6 percent to $115 million from $118.8 million for fiscal 2007, due to an increase in non-operating expenses.
In the U.S., net sales grew 16.3 percent to $440.9 million from $369.6 million last year. Operating income in the U.S. jumped 22.8 percent to $37.8 million from $30 million. Sales grew 15.6 percent in the EU to $624.4 million from $526.7 million with operating income increasing 14 percent to $108.7 million from $93 million.
In Japan, sales rose 9.5 percent to $783 million from $697.1 million, as operating income increased 14.3 percent to $43.6 million. The rest of the world saw sales grow 35.4 percent to $99.5 million from $71.6 million, but operating income declined 5.5 percent to $16.1 million. Net sales of footwear grew 23.6 percent to $1.47 billion from $1.16 billion last year, with sales growing slightly faster in Japan than the rest of the world. Apparel was the only soft spot for ASICS during fiscal 2007, as sales declined 2.5 percent to $365.2 million from $365.3 million last year.
Apparel sales were relatively flat in Japan, but declined 9.1 percent for the rest of the world. Equipment, the companys smallest product segment, grew 4.8 percent to $152.7 million, as sales outside of Japan jumped 12.5 percent to $18.7 million. Equipment sales within Japan increased 3.8 percent to $134 million.
