Asics reported results for the first half of the year that showed solid growth across several regions and channels, including in the crucial North American run specialty channel.
According to the Japan-based athletic brand, net sales for the first six months of 2024 increased 18 percent to 342 billion yen driven by strong sales across all categories. Gross profit increased 28.4 percent to 190 billion Yen.
By category, sales in performance running increased 15.6 percent, core performance sports increased 4.1 percent, apparel and equipment sales increased 3.5 percent and Onitsuka Tiger net sales increased 55.1 percent. Sportstyle sales increased 63.8 percent, driven by strong demand for Vintage Tech shoes and generally strong demand in North America and Greater China.
By channel, wholesale sales were up .1 percent due to “strategic withdrawal” from certain doors, the company said. E-commerce sales were up 23.6 percent over the prior year and retail sales increased 24.8 percent.
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In North America, net sales increased 21.2 percent to 67.7 billion yen, driven by strength in running and sportstyle. Asics said it increased its share in the run specialty channel in North America by 13.1 percent in June while reducing the number of entry models. Asics also grew sportsyle sales by 155 percent in the region in the first half of the year and tightened its owned retail store count to 72 stores.
Asics has recently ramped up its efforts to claim a top spot in the competitive running market, a strategy that largely depends on deepening its connection with the run specialty retail channel. Asics president and chief operating officer Mitsuyuki Tominaga told FN in a recent interview that the company is doubling-down on its investment into run specialty, creating innovative products and thinking about its broader role in the running ecosystem, which could include additional services and experiences outside of its core products.
And in June, consumer insights firm Circana found that Asics was the fastest-growing footwear brand in the U.S. outdoor specialty market for the 12 months ending March 2024.
Outside of the U.S., sales also increased double digits in Japan, Europe, Greater China and the Southeast and South Asia regions.
Looking ahead, Asics expects net sales for the year of 660 billion yen, which would be a 15.7 percent increase from the prior year. Operating profit is expected to grow 75.2 percent to 95 billion yen.
