Asics Corporation is feeling good about 2025 as the company raised its full year guidance and implemented an interim dividend payout based on net sales for the six months period ended June 30 exceeding ¥400.0 billion for the first time.

The revised forecast calls for full-year 2025 sales of ¥800 billion, up from an initial forecast of ¥780 billion for the year.

Asics Corporation reports in the Japanese yen (¥) currency. Any conversions to U.S. dollars ($) are done at the ¥148.98 and conversions to the euro (€) are done at ¥162.54.

First Half Business Results
(Millions of yen)

Net sales increased 17.7 percent year-over-year (y/y) to ¥402.8 billion for the 2025 first half (H1). The company said it saw strong sales in all categories. Operating profit and profit attributable to owners of the parent company reportedly achieved their highest ever levels of ¥81.1 billion and ¥53.6 billion, respectively.

Category Summary
(Millions of yen)


Performance Running
Net sales increased 8.2 percent y/y to ¥184,964 million in H1 due to the strong sales in major regions. Category profit increased 13.3 percent y/y to ¥46,526 million mainly due to the impact of an increase in net sales.

Core Performance Sports
Net sales increased 4.8 percent y/y to ¥44,118 million in H1 due to the strong sales in all regions other than the Japan region. Category profit increased 16.5 percent y/y to ¥9,351 million mainly due to an improvement in gross margin, as well as due to the impact of an increase in net sales.

Apparel and Equipment
Net sales increased 6.9 percent y/y to ¥20,003 million in H1 mainly due to the strong sales in the Europe region. Category profit increased 45.1 percent y/y to ¥3,066 million mainly due to an improvement in gross margin, as well as due to the impact of an increase in net sales.

SportStyle
Net sales increased 46.4 percent y/y to ¥67,314 million in H1 due to the strong sales in all regions. Category profit increased 60.9 percent y/y to ¥20,656 million due to the impact of an increase in net sales.

Onitsuka Tiger
Net sales increased 50.1 percent y/y to ¥65,876 million in H1 due to the strong sales in all regions. Category profit increased 54.5 percent y/y to ¥25,731 million due to the impact of an increase in net sales.

Regional Summary
(Millions of yen)

Japan region
Net sales increased 24.3 percent y/y to ¥99,263 million in H1 due to the strong sales of the Performance Running category and the Onitsuka Tiger category. Segment profit increased 66.2 percent y/y to ¥21,635 million mainly due to an improvement in gross margin, as well as due to the impact of an increase in net sales.

North America region
Asics North America (ANA) net sales increased 9.1 percent y/y to ¥73,914 million (~$496 mm) in H1 mainly due to the strong sales in the SportStyle category.  Segment profit increased 52.8 percent y/y to ¥10,258 million (~$69 mm) in the first half, said to be mainly due to the impact of the increase in net sales.

ANA Second Quarter
ANA reported that second quarter results saw the U.S. and Mexico produce double-digit growth in the period while Canada reached high-single-digit growth year-to-date when each country was reported in local currency. ANA said the North American region showed a quarterly profit for the eighth time in the past nine quarters driven by the success of the Wholesale channel.

The 2025 second quarter saw double-digit y/y growth in the U.S. Wholesale channel, with a nearly 40 percent sales increase. Both the Run Specialty and Sportstyle channels reportedly yielded double-digit increases compared to the 2024 second quarter.

“The consistent demand for Asics footwear products across the region speaks to our relentless pursuit of developing technically advanced performance running products while remaining very aware of broader cultural and lifestyle trends to support the Sportstyle category,” said Koichiro Kodama, president and CEO, Asics North America. “Our commitment remains strong to our valued key account partners, and there is great excitement for the upcoming expansion of the BLAST footwear series this fall. The Megablast and Sonicblast performance running models will bring even more energy into the marketplace with an expanded offering from Asics to consumers.”

Specific to the Run Specialty trade channel, Q2 revenue increased in double digits versus the second quarter of 2024 with strong performances by a diverse set of performance running models. The Asics heritage footwear models, Gel-Nimbus and Gel-Kayano, both generated double-digit growth compared to the 2024 Q2 period while the increasingly popular Novablast shoe posted triple-digit growth compared to the 2024 second quarter.

The ANA Sportstyle category continued rapid growth in Q2  with high double-digit revenue increases within the Wholesale channel. The Gel-1130 reportedly remained in extraordinary demand, creating triple-digit growth compared to Q2 2024 with increasingly strong support from the Gel-Kayano 14 and Gel-NYC footwear models.

The ANA Core Performance Sport category, which includes all racquet sport footwear, posted double-digit y/y revenue growth in the Wholesale channel in Q2. ANA said this was supported by the continued interest in tennis and emerging racquet sports. The Gel-Resolution model grew 56.5 percent y/y while the Gel-Dedicate grew 54.2 percent compared to Q2 2024.

In the North America retail channel, the Asics Meatpacking District store in New York City achieved 15.5 percent net sales growth in the second quarter and continued to implement omni-channel initiatives to bolster the stores offerings. Additionally, the brands OneAsics loyalty membership program grew 22.8 percent year-over-year.

Europe region
Net sales increased 24.2 percent y/y to ¥113,769 million (~€700 mm) in H1 due to the strong sales in all categories. Segment profit increased 41.0 percent y/y to ¥21,265 million (~€131 mm), reportedly due primarily to the impact of the increase in net sales.

Greater China region
Net sales increased 16.9 percent y/y to ¥62,032 million in H1 due to the strong sales in all categories. Segment profit increased 25.4 percent y/y to ¥14,994 million mainly due to an improvement in gross margin, as well as due to the impact of an increase in net sales.

Oceania region
Net sales increased 3.8 percent y/y to ¥21,447 million in H1 due to the steady sales in almost all the categories. Segment profit decreased 9.8 percent y/y to ¥3,355 million due to deterioration of the gross margin and an increase in selling, general and administrative expenses, despite the impact of an increase in net sales and other such factors.

Southeast and South Asia regions
Net sales increased 33.4 percent y/y to ¥23,514 million in H1 due to the strong sales in all categories. Segment profit increased 37.4 percent y/y to ¥5,435 million mainly due to the impact of an increase in net sales.

Other regions
Net sales increased 1.3 percent y/y to ¥24,698 million in H1 mainly due to the steady sales in the Onitsuka Tiger category and other categories. Segment profit decreased 0.4 percent y/y to ¥4,357 million due to an increase in selling, general and administrative expenses.

Balance Sheet Summary
As for the consolidated financial position as of June 30, 2025, total assets increased 4.0 percent y/y from the end of the previous fiscal year to ¥539,717 million, total liabilities increased 4.4 percent y/y from the end of the previous fiscal year to ¥296,504 million and total net assets increased 3.5 percent y/y from the end of the previous fiscal year to ¥243,213 million.

  • Current assets increased 5.2 percent y/y to ¥388,255 million mainly due to an increase in notes and accounts receivable – trade and a decrease in cash and deposits.
  • Non-current assets increased 1.1 percent y/y to ¥151,461 million mainly due to an increase in software and a decrease in right of use assets.
  • Current liabilities increased 6.1 percent y/y to ¥206,561 million mainly due to an increase in income taxes payable and a decrease in accrued expenses.
  • Non-current liabilities increased 0.7 percent y/y to ¥89,942 million mainly due to an increase in other.
  • Net assets increased 3.5 percent y/y to ¥243,213 million mainly due to an increase due to cancellation of treasury shares and an increase in retained earnings.

Cash Flow Summary
As for cash flows as of June 30, 2025, cash and cash equivalents (cash) decreased ¥2,354 million from the end of the previous fiscal year to ¥124,619 million. The respective cash flow positions and main factors behind the changes are as follows.

  • Cash flows from operating activities: Net cash provided by operating activities was ¥46,411 million, an increase of ¥3,196 million compared with the previous fiscal year. Major sources of cash were ¥80,731 million from profit before income taxes, ¥11,166 million from depreciation and amortization, while major uses of cash were ¥24,524 million for an increase in trade receivables and ¥14,708 million for income taxes paid.
  • Cash flows from investing activities: Net cash used in investing activities was ¥14,312 million, an increase of ¥3,971 million compared with the previous fiscal year. Major uses of cash were ¥7,835 million for purchase of property, plant and equipment and ¥6,218 million for purchase of intangible assets.
  • Cash flows from financing activities: Net cash used in financing activities was ¥36,841 million, a decrease of ¥9,364 million compared with the previous fiscal year. Major uses of cash were ¥7,143 million for cash dividends paid and ¥20,001 million for the purchase of treasury shares.

Full Year 2025 Forecast Revision
The company has revised the forecast of consolidated business results and dividend forecast for the fiscal year ending December 31, 2025. For additional details, please see SGB Executive coverage below regarding the raised forecast and interim dividend payout.

***

For more SGB Media coverage on Asics, see below.

EXEC: Asics Corp. Raises 2025 Forecast, Implements Interim Dividend Payout

Image, data and tables courtesy Asics Corporation