Asics Corporation has reported a 14.3 per cent increase in net sales in the first quarter of fiscal 2024 (Q1 FY24), reaching ¥174.1 billion (approximately $1.1 billion), primarily driven by robust sales across various product categories and favourable exchange rate fluctuations.

Gross profit for the quarter soared by 24.1 per cent to ¥94.84 billion, attributed to an improved gross margin. Operating profit witnessed a substantial increase of 52.9 per cent, amounting to ¥33.812 billion, largely due to the higher net sales and corresponding profit increases. Similarly, ordinary profit rose by 50.9 per cent to ¥33.07 billion. The profit attributable to owners of the parent jumped by 63.9 per cent, reaching ¥26.73 billion.

The performance running category saw a 12.8 per cent rise in net sales to ¥87.89 billion, with profits in this category increasing by 35.8 per cent to ¥22.96 billion. The core performance sports category also performed well with a 9.4 per cent increase in sales, while SportStyle and Onitsuka Tiger categories experienced significant sales surges of 51.7 per cent and 48.7 per cent, respectively.

However, the apparel category faced a slight decline, with sales dropping by 2.9 per cent due to strategic business downsising in Japan, despite strong performance in the Greater China region.

Regionally, Asics showed strong gains, particularly in North America where net sales rose by 26.5 per cent to ¥33.07 billion, turning a profit of ¥3.47 billion. The European and Greater China regions also reported healthy increases in both sales and segment income. Even the traditionally quieter regions like Oceania and Southeast and South Asia posted gains, with the latter increasing net sales by 31.8 per cent.

Fibre2Fashion News Desk (DP)

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