The company’s net sales rose 29.7 per cent year-on-year (YoY) to ¥270.2 billion (~$1.7 billion) in the first quarter (Q1) ended March 31, 2026. The gross profit increased 26.8 per cent YoY to ¥147.5 billion (~$930.31 million). However, gross margin declined by 1.2 percentage points to 54.6 per cent. The company said gross margin was affected by the impact of US tariffs, although strong sales helped offset the pressure.
Japanese sportswear company Asics Corporation has reported record Q1 FY26 earnings, with net sales rising 29.7 per cent YoY to ¥270.2 billion (~$1.7 billion), driven by growth across categories and regions.
Operating profit grew 36.5 per cent, while SportStyle, Onitsuka Tiger, Europe, Japan, and Southeast and South Asia led gains.
Asics maintained its FY26 sales forecast at ¥950 billion (~$5.99 billion).
Selling, general and administrative (SG&A) expenses rose 20.8 per cent YoY to ¥86.8 billion (~$547.46 million). Despite the increase in absolute expenses, the SG&A-to-sales ratio improved by 2.3 percentage points to 32.1 per cent from 34.4 per cent, reflecting better operating leverage.
Its operating profit grew 36.5 per cent YoY to ¥60.7 billion in Q1 FY26, compared with ¥44.5 billion in the same period last year. Operating margin improved by 1.1 percentage points to 22.5 per cent from 21.4 per cent, Asics said in a press release.
All categories and regions post stronger sales and profit gains
Sales in foreign markets increased 31.8 per cent YoY to ¥221.7 billion, compared with ¥168.1 billion in Q1 FY25. Foreign market sales accounted for 82 per cent of total sales, up 1.3 percentage points from 80.7 per cent a year earlier.
By category, all business segments recorded sales and operating profit growth. Performance Running posted higher sales and profit, supported by a focus on high-end products. The category recorded particularly strong sales growth in Europe, Southeast and South Asia.
SportStyle delivered the strongest growth among major categories, with sales rising 69.6 per cent YoY, or 56.3 per cent on a currency-neutral basis. All regions recorded growth in SportStyle, with
North America and Europe posting particularly strong sales increases of more than 80 per cent. The category profit margin stood at 32.9 per cent, up 1.2 percentage points YoY.
Performance Running sales increased 19.1 per cent YoY, or 10.1 per cent on a currency-neutral basis. Its category profit margin stood at 25.4 per cent, down 1.3 percentage points YoY.
Onitsuka Tiger also recorded broad-based growth, with sales increasing 33.8 per cent YoY, or 29 per cent on a currency-neutral basis. The category benefited from strong demand from inbound tourism in Japan, while Europe also led growth. Onitsuka Tiger’s category profit margin improved by 3.2 percentage points to 39.6 per cent.
Regionally, Asics said all regions posted sales and profit growth. Operating margins improved particularly in Asics Japan, Europe, and Southeast and South Asia.
In Japan, strong sales to inbound tourists in Onitsuka Tiger supported gross margin improvement and further operating margin expansion. Sales to inbound tourists reached ¥13.1 billion, up from ¥9.1 billion in the same period last year. Asics Japan sales rose 22 per cent YoY, while operating margin improved by 3.2 percentage points to 31.7 per cent.
Europe recorded sales growth of 43.8 per cent YoY, or 27.2 per cent on a currency-neutral basis. The region benefited from significant growth in SportStyle and Onitsuka Tiger, while a lower SG&A-to-sales ratio contributed to margin improvement. Europe’s operating margin rose by 1.3 percentage points to 21.5 per cent.
Southeast and South Asia posted sales growth of 34.6 per cent YoY, or 28.7 per cent on a currency-neutral basis. Growth was led mainly by Performance Running and Onitsuka Tiger, with Thailand, Vietnam and India contributing to the regional expansion. A decline in the SG&A-to-sales ratio helped lift the region’s operating margin by 1.9 percentage points to 26.3 per cent.
Asics also reported continued growth in e-commerce sales. E-commerce revenue increased 12.7 per cent YoY to ¥40.1 billion in Q1 FY26, compared with ¥35.6 billion in Q1 FY25 and ¥29.2 billion in Q1 FY24. Excluding North America, where strategic consolidation was implemented, e-commerce sales grew 24.9 per cent.
FY26 forecast maintained despite strong Q1
For FY26, Asics has maintained its consolidated business forecast released on February 13, 2026, despite the strong first-quarter performance. It expects net sales of ¥950 billion (~$5.99 billion) for FY26, up 17.2 per cent. On a currency-neutral basis, net sales are projected to grow 16.7 per cent.
The operating profit is forecast to rise 20 per cent to ¥171 billion, while operating margin is expected to improve by 0.4 percentage points to 18 per cent.
Fibre2Fashion News Desk (SG)
