24.8% increase in net sales for Asics in first quarter

Japan
Published:  17 May, 2021

Japan headquartered sportswear corporation Asics has reported increased net sales and gross profit, attributed predominantly to e-commerce sales and sales in major regions.

Net profit in the first quarter of 2021 was 24.8% higher than the same period in 2020, which amounted to ¥106,549 million (US$974 million) compared to ¥85,341 million (US$780 million). Gross profit increased 32.3% to ¥53,191 million (US$486 million) due to the impact of the increase in net sales. Operating income was ¥14,604 million (US$133 million).

Net sales and operating income increased in almost every major region. Net sales in North America increased by 20% and 43% in Europe compared to the last year. Net sales in Greater China increased by 96%, which was the most severely impacted by Covid-19 in the previous year. This was the result of strong Performance Running sales in each region.

E-commerce sales increased by 106% in North America and 125% in Europe.

As for the consolidated financial position as of March 31, 2021, total assets increased 3.7% from the end of the previous fiscal year to ¥345,564 million (US$3,159 million), total liabilities decreased 2.1% from the end of the previous fiscal year to ¥202,130 million (US$1,848 million) and net assets increased 13.2% from the end of the previous fiscal year to ¥143,433 million (US$1,311 million).

Credit: Asics