Asics Corp. raised its earnings forecast for the year after reporting earnings in the third quarter jumped 44.0 percent on a 21.3 percent sales gain, driven by SportStyle and Onitsuka Tiger categories. Operating profits in the Americas region increased by 28.2 percent, driven by 5.7 percent sales growth.

Third-quarter figures were attained by subtracting six-month results from nine-month results. Results are in Japanese yen.

In North America, sales reached ¥38,559 million ($249 mm) in the quarter compared to ¥36,496 million a year ago. The 5.7 percent gain marked improvement versus the 0.3 percent gain seen in the second quarter, although the more modest growth over the last two quarters reflects efforts to reduce e-commerce sales. In the first quarter, sales in North America jumped 18.3 percent.

Operating profits in the third quarter reached ¥5,675 million against ¥4,427 million.

In the nine months, net sales in North America increased 7.9 percent (+10.2 percent in constant currencies (cc)) to ¥112,473 million due to a strategic reduction in e-commerce sales offset by strong sales in SportStyle. Segment profit increased 43.0 percent (+46.6 percent cc) to ¥15,933 million, mainly due to the benefit of increased sales.

Asics said in its statement that North America saw “steady improvement in profitability” over the nine months.

Asics North America Sees Single-Digit Growth in U.S.

In a separate statement, Asics North America said the United States posted single-digit growth in the quarter while Canada and Mexico each produced double-digit quarterly growth compared to the previous year, all in local currency.

Asics North America added that the North American region continued its run of profitability for the third quarter of 2025. Within the U.S., the wholesale channel remains the primary driver for growth across all categories – including Performance Running, SportStyle and Core Performance Sports (CPS).

“I am so very pleased to see consumers seek out ASICS footwear for all their needs across all of our categories of business,” said Koichiro Kodama, president and CEO of Asics North America. “We continue to pursue quality business while offering premium products during this exciting time for our industry. This quarter, we saw great response for new products introduced into the market and from our retail partners, along with the consistent strength of our Performance Run, SportStyle and CPS product offerings.”

The Run Specialty trade channel delivered another strong quarter of double-digit growth, generating over 20 percent quarterly growth compared to the same period last year. Strong sell-throughs among performance running shoes were seen with the Megablast, Sonicblast and Metaspeed Tokyo collections. The heritage line also continued to show strength with a nearly 30 percent sales increase of the Gel-Nimbus footwear model compared to the same period last year.

The SportStyle category of products “remain incredibly popular,” generating high double-digit revenue increases with key strategic wholesale partners, according to Asics North America said. Similar to the second quarter of 2025, the gains were led by the GEL-1130, generating triple-digit growth, followed closely by the GELNYC shoe, similarly generating triple-digit growth year over year.

Asics’ Core Performance Sport category, which includes all racquet sport footwear, posted single-digit revenue growth in the wholesale channel compared to the same period last year. The Gel-Resolution model, continued to lead the tennis footwear line with double-digit growth comparted to Q3 2024.

Within the retail channel, Asics’ Meatpacking store achieved single-digit net sales growth in the third quarter and saw continued success with omnichannel practices, specifically endless aisle and ship from store sales opportunities.

Asics Corp. Third Quarter and Nine Month Results

Companywide, sales in the quarter increased 21.3 percent to ¥222,257 million from ¥183,255 million a year ago. Operating earnings rose 42.9 percent to ¥46,474 million. Net profits grew 44.0 percent to ¥32.7 million.

Nine-Month Results

Net sales for the nine months increased 19.0 percent year-over-year to ¥625.0 billion, marking the first time Asics’ net sales for the first nine months of the fiscal year exceeded ¥600 billion.

Operating profit rose 39.4 percent to ¥127.6 billion, the operating margin increased by 3.0 percentage points to 20.4 percent, and profit attributable to the owners of the parent company grew 32.9 percent to ¥86.3 billion. Nine-month results represented new record results for both operating profit and profit attributable to owners of the parent. The gross margin improved 1.1 percentage points to 56.5 percent.

Regional Performance

 

In other regions outside North America, Japan sales in the quarter reached ¥52,832 million, up 19.2 percent. Operating income was ¥11,909 million, representing a 51.5 percent year-over-year increase.

Net sales in Japan for the nine months increased 22.5 percent to ¥152,095 million, driven by strong sales of Performance Running and Onitsuka Tiger. Segment profit jumped 60.7 percent to ¥33,544 million, mainly due to an improvement in gross margin, as well as due to the benefit of increased sales.

In Europe, sales advanced 26.5 percent in the quarter to ¥65,165 million, and operating income increased 40.8 percent to ¥12,415 million. Sales in the nine months grew 25.0 percent (+24.0 percent cc) to ¥178,934 million, driven by strong sales across all categories. Segment profit jumped 40.9 percent (+39.8 percent cc) to ¥33,680 million, mainly due to the sales gain.

In Greater China, sales in the third quarter totaled ¥22,442 million, representing a 27.7 percent increase; operating profit reached ¥7,448 million, a 32.4 percent increase. Net sales in the nine months expanded 18.8 percent (+20.6 cc) to ¥92,965 million, driven by strong sales across all categories. Segment profit increased 27.7 percent (+29.6 cc) to ¥22,442 million, primarily due to improvements in gross margin and the impact of increased net sales.

Sales in the Oceania region in the quarter rose 25.4 percent to ¥14,994 million; operating earnings declined 37.9 percent to ¥3,098 million. Sales in the nine months increased 8.4 percent (+14.3 cc) to ¥34,662 million, mainly due to the strong sales in SportStyle. Segment profit decreased by 3.5 percent (+1.9 cc) to ¥5,358 million, due to a deterioration in the gross margin and fluctuations in the exchange rate.

In the Southeast and South Asia region, sales in the third quarter increased 50.1 percent to ¥8,520 million, while operating income rose 79.4 percent to ¥3,085 million. Net sales for the nine months increased 33.3 percent (+33.6 cc) to ¥38,301 million, driven by strong sales across all categories. Segment profit moved up 41.1 percent (+41.7 cc) to ¥9,356 million, mainly due to higher sales.

Category Performance  in Nine Months

 

All categories recorded higher net sales in the nine months, with SportStyle and Onitsuka Tiger performing particularly well, achieving a YoY growth rate of almost 50 percent. Category profit for both SportStyle and Onitsuka Tiger categories exceeded ¥30.0 billion, and category profit margin increased 2.5 percentage points to 30.6 percent for SportStyle and 1.5 percentage points to 39.4 percent for Onitsuka Tiger. Asics said these categories are maintaining high levels of performance and boosting the entire company’s profits.

Performance Running category also maintained its growth, with net sales increasing 10.1 percent (+11.8 percent cc) to ¥284.3 billion and category profit margin growing 1.7 percentage points to 25.5 percent.

Performance Running net sales increased by 10.1 percent to ¥284,305 million, mainly due to the strong sales in the Japan region and the Europe region. Category profit increased by 18.1 percent to ¥72,517 million, mainly due to the increase in sales.

Core Performance Sports’ net sales increased by 7.3 percent (+8.5 cc) to ¥69,606 million, driven by overall strong sales, despite the downsizing of the school business in the Japan region. Category profit increased by 16.7 percent to ¥15,372 million, mainly due to an improvement in gross margin, as well as due to higher sales.

Apparel and Equipment net sales increased by 10.7 percent (+11.8 percent cc) to ¥32,243 million, primarily due to the strong sales in the Europe region. Category profit increased by 51.4 percent to ¥5,511 million mainly due to an improvement in gross margin, as well as increased sales.

SportStyle net sales increased by 45.2 percent (+46.8 percent cc) to ¥109,044 million, driven by strong sales across all regions. Category profit increased by 57.8 percent to ¥33,333 million due to the spike in sales.

Onitsuka Tiger net sales increased by 45.7 percent (+46.9 cc) to ¥99,876 million due to the strong sales across all regions. Category profit increased by 51.4 percent to ¥39,363 million due to increased sales.

Forecast
Asics continues to expect sales for the full year of ¥800,000 million, up 17.9 percent year-over-year. Operating profits were now expected to reach ¥135,000 million, up 45 percent, prior guidance called for operating earnings of ¥136,000 million up 35.8 percent. Net profits are now expected to reach ¥90,000 million, increasing 41.1 percent, up from previous guidance calling for net profit of ¥87,000 million, up 36.4 percent.

Image courtesy Asics/Onisuka Tiger