Japanese sportswear giant ASICS has raised its 2023 net profit forecast by 38% to ¥27.5 billion, reflecting the second upward revision since August. The surge is attributed to exceptional sales of ASICS sneakers, “Onitsuka Tiger,” and other footwear products both domestically and internationally. The yen’s depreciation further propels the brand’s stellar performance, resulting in a 23% YoY revenue increase to ¥448.1 billion and a 73% YoY spike in net profit to 40.2 billion yen for the first three quarters of the year.
While anticipating profit erosion in Q4 due to factors like the Christmas discount war, ASICS remains optimistic about exceeding 2023 expectations. The brand plans strategic measures, including the closure of directly operated stores in North America, to enhance earnings. The revised forecast anticipates a full-year revenue growth of 18%, reaching ¥570 billion, surpassing initial estimates by ¥20 billion. The net profit projection for 2023 signals a robust annual increase of 38%.
