The Japanese group reported net profit growth of 70 percent to ¥42,219 million (€261.7m) versus ¥24,796 million for the six months ended June 30. H1 operating profit increased by nearly 76 percent to ¥58,996 million (€365.8m) from ¥33,610 million as total revenues grew by 18.0 percent to ¥342,199 million (€2.12b). Meanwhile, Asics’ implied Q2 results for the three months ended June 30 reflect 82 percent net income growth to ¥15,482 million (€96.0m) from ¥8,486 million and 82 percent revenue growth to ¥168,097 million (€1.04b).
| Asics - Income | |||
|---|---|---|---|
| Half ended June 30 (JPY million) | |||
| 2024 | 2023 | Change | |
| Net sales | 342,199 | 290,079 | 18.0% |
| Cost of sales | 152,108 | 142,083 | 7.1% |
| Gross profit | 190,091 | 147,995 | 28.4% |
| SG&A expenses | 131,094 | 114,385 | 14.6% |
| Operating profit | 58,996 | 33,610 | 75.5% |
| Non-operating income | 3,802 | 3,482 | 9.2% |
| Non-operating expenses | 4,976 | 3,273 | 52.0% |
| Ordinary profit | 57,822 | 33,818 | 71.0% |
| Extraordinary income | 267 | 9 | 2866.7% |
| Extraordinary losses | 31 | 429 | -92.8% |
| Pre-tax | 58,058 | 33,399 | 73.8% |
| Tax | 15,761 | 8,473 | 86.0% |
| Profit | 42,296 | 24,925 | 69.7% |
| Source: Asics | |||
The company, due to its raised financial outlook announced on July 12, is now expecting to reach mid-term 2026 financial targets this FY and will provide more details on its revised expectations in due time. The current FY24 outlook calls for 75 percent, year-over-year operating profit expansion to ¥95,000 million (€589.0m), a 64 percent improvement in annual net profit to ¥58,000 million (€359.6m), and nearly 16 percent revenue growth to ¥660,000 million (€4.09b).
H1 results by product category reflect a 29 percent increase in Performance Running operating profit to ¥41,070 million (€254.6m) from 4.7 percent sales growth to ¥170,903 million (€1.06b) with all regions posting stronger results. Sportstyle, Asics’ second largest category, generated a six-month sales gain of 48.5 percent to ¥45,986 million (€285.1m) and 117 percent improvement in category profit to ¥12,839 million (€79.6m). Elsewhere, Core Performance Sports sales dipped by 2.7 percent to ¥42,086 million (€260.9m) as its operating profit slipped by 13 percent to ¥8,028 million (€49.8m). Apparel and Equipment segment profit jumped by 45 percent to ¥2,112 million (€13.1m) despite a 3.8 percent drop in sales to ¥18,713 million (€112.6m) thanks to strong sales in Europe. Onitsuka Tiger segment profit increased by 104 percent in H1 to ¥16,654 million (€102.7m) as sales increased by 47 percent to ¥43,884 million (€272.1m).
| Asics - Revenue by region | |||
|---|---|---|---|
| Half ended June 30 (JPY million) | |||
| 2024 | 2023 | Change | |
| Regions | |||
| Japan | 79,878 | 69,111 | 15.6% |
| North America | 67,748 | 55,921 | 21.1% |
| Europe | 91,597 | 78,379 | 16.9% |
| Greater China | 53,049 | 40,413 | 31.3% |
| Oceania | 20,662 | 18,883 | 9.4% |
| Southeast & South Asia | 17,631 | 13,443 | 31.2% |
| Other | 24,387 | 24,209 | 0.7% |
| Categories | |||
| Performance Running | 170,903 | 147,839 | 15.6% |
| Core Performance Sports | 42,086 | 40,430 | 4.1% |
| Apparel & Equipment | 18,713 | 18,075 | 3.5% |
| SportStyle | 45,986 | 28,077 | 63.8% |
| Onitsuka Tiger | 43,884 | 28,297 | 55.1% |
| Source: Asics | |||
By region, Europe was a strong performer in H1 as the region’s constant-currency operating profit rose by 69 percent to ¥15,081 million (€93.5m) and sales expanded by 4.4 percent to ¥91,597 million (€567.9m). North American H1 sales, fueled by the Performance Running and Sportstyle segments, increased by 21 percent to ¥67,748 million (€420.0m) with an essentially flat operating profit of ¥6,714 million (€41.6m). Greater China, benefitting from strong results across all categories, posted 30 percent operating income growth to ¥11,954 million (€74.1m) and a 21 percent sales gain to ¥53,049 million (€328.9m). In Asics’ home market, H1 year-over-year operating profit increased by nearly 63 percent to ¥13,014 million (€80.7m) as sales jumped by 15.6 percent to ¥79,878 million (€495.2m).
