Asics has delivered a record quarter, with all-time highs in sales, profits and margins. To signal confidence, the company is launching a multibillion-yen share buyback. Growth is fueled by booming lifestyle categories and a strong push in direct-to-consumer.
The Japanese running shoe specialist set three new records in the first nine months of 2025: Sales reached a historic high of ¥625 billion (€3.85bn) – an increase of 19 percent over the previous year. This means that the Group broke through the ¥600 billion threshold for the first time in a nine-month period. Operating income also rose to a record level: at ¥127.6 billion (€786.9m), it was 39.4 percent above the previous year’s total, while the operating margin improved by 3 percentage points to 20.4 percent.
More efficient and profitable than ever before
The bottom line is that Ascis also earned more than ever before: net profit rose by 32.9 percent to ¥86.3 billion (€532.3m). The gross margin improved to 56.5 percent, indicating a high-quality product mix and tight cost control – despite unfavorable exchange rates for purchasing goods. The Japanese group cited two reasons for the increase in profits: firstly, growth in sales and earnings, and secondly, gains on the sale of fixed assets in the second quarter.
Q3 figures exceed expectations
After an outstanding spring, Asics continued to deliver in the summer. The Japanese sporting goods producer ended the third quarter of 2025 with sales of ¥222.3 billion (€1.37bn), significantly higher than in the two previous quarters. More remarkable, however, is what happened at the bottom line: the operating margin rose to 20.9 percent – almost the same level as in the strong first quarter. Thanks to its lifestyle categories, things are going well for the Japanese company: Sportstyle and Onitsuka Tiger in particular are once again securing its profitability. Operating profit rose by 27 percent compared to Q2 FY25 to ¥46.5 billion (€286.9m). This is probably a result of smart pricing, a better product mix and an efficient cost structure. Net income rose to ¥32.7 billion (€202.1m). This represents an increase of 48.6 percent from the previous quarter and is 44 percent above the previous year’s figure (Q3 FY24: ¥22.7bn/€140.4m).
| Asics - Income | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| Q3, ended Sept. 30 (￥ billion) | |||
| Net sales | 222.3 | 183.3 | 21.3% |
| Gross profit | 124.7 | 100.9 | 23.6% |
| SG&A expenses | 78.2 | 68.3 | 14.5% |
| Operating profit | 46.5 | 32.6 | 42.6% |
| Operating margin | 20.9% | 17.7% | 3.2pp |
| Ordinary profit | 45.9 | 30.4 | 51.0% |
| Extraordinary income | -0.1 | 3.6 | – |
| 9M, ended Sept. 30 (￥ billion) | |||
| Net sales | 625.0 | 525.4 | 19.0% |
| Gross profit | 353.1 | 290.9 | 21.4% |
| SG&A expenses | 225.5 | 199.4 | 13.1% |
| Operating profit | 127.6 | 91.5 | 39.5% |
| Operating margin | 20.4% | 17.4% | 3.0pp |
| Ordinary profit | 124.5 | 88.2 | 41.2% |
| Extraordinary income | 2.0 | 3.8 | -47.4% |
| Source: Asics Corp. | |||
Double-digit growth: Asics grows in all regions of the world
The performance brand achieved double-digit growth in all core regions in Q3 FY25. The domestic market in Japan performed particularly well, with sales rising by 34.5 percent to ¥96 billion (€604.3m). Growth drivers were Performance Running (+46.3%), Sport Performance (+33.9%) and, in particular, Onitsuka Tiger (+76.9%), which benefited greatly from the tourism boom – presumably due in part to the World Athletics Championships. In Greater China, Asics achieved sales of ¥92.9 billion (€585m), an increase of 20.6 percent, driven by strong demand for locally tailored products. Europe continued its stable growth trajectory, with a 24 percent increase in sales to ¥178.9 billion (€1.13bn), thanks mainly to a strong increase in Performance Running and Sport Performance (+48.1%). Sales in North America also grew by 10.2 percent to ¥112.4 billion (€707.5m), despite store closures and reduced e-commerce activity.
”It’s incredible to see Asics continue to grow profitably in EMEA. We are growing in every category and in every channel, thanks to the strength of our brand and our commitment to innovation. I’m proud to see that more people are choosing to move with Asics than ever before.” —EMEA CEO Carsten Unbehaun
North America: Strong in specialist retail, lean in retail
While other brands in North America are focusing on store growth, the Japanese are deliberately reducing their brick-and-mortar presence. The number of directly operated stores in the US fell from 78 in 2022 to just 48 in Q3 FY25 – a decline of almost 40 percent. At the same time, Asics further reduced the proportion of low-priced products, under $90, from 42.1 to 30.5 percent. The strategy is proving effective: sales in the running specialty channel reached a volume of $116 million in the third quarter, an increase of 27 percent over the previous year. The company is focusing on high-margin models, digital channels and specialized retailers – with success. For the full year 2025, the Japanese group expects to achieve in North America an operating profit of ¥16 billion (€98.7m) and a margin of 11.0 percent – despite planned tariff charges of ¥2 billion (€12.3m).
Confidence in the outlook – and a clear signal to the market
With these strong results behind it, management remains confident and maintains its recently raised full-year guidance: ¥800 billion (€4.93bn) in sales, ¥136 billion (€839m) in operating profit. The Japanese group continues to anticipate growth through its lifestyle brands and the expansion of direct sales channels worldwide. The most recent example is the opening of the company’s first store in India in October – a modern flagship store in the DLF Mall of India in Noida, which showcases the entire portfolio. In addition, the company is investing in brand presence at international sporting events, such as the 2026 Asics Gold Coast Marathon in Australia, which attracts tens of thousands of participants.
Incidentally, in its quarterly report, Asics announces that it will implement a share buyback program worth ¥30 billion (€185.3m) – around 1.4 percent of outstanding shares. The company aims to show confidence in its own shares and strengthen its return on capital.
