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Japanese sportswear and equipment brand Asics has reinforced its position as a running shoe specialist, recording a 7.4 percent growth in sales to €1.625 billion, despite widespread logistics woes and lockdowns.
Asics also benefited from favorable exchange rates.
However, the group’s operating income took a hit, falling by 4.8 percent to €140 million.
Asics saw sales increase by 13.5 percent to ¥123.5 billion outside of Japan, primarily due to the success of its line of running shoes, which has a strong market position in North America and Europe.
Europe, Asics's largest market for running products, brought in ¥43.3 billion in revenue as a consequence of a 2.1 percent increase in local currency sales, which led to a 6.2 percent gain in yens.
Sales in North America decreased by 1 percent in local currency but increased by 13 percent in yen, while sales in Greater China increased by more than 10 percent in local currency and more than 26 percent in yen despite Shanghai's strict lockdown measures.
Meanwhile, in the performance sports category, which includes shoes for volleyball, tennis, badminton, and handball, Asics grew in all markets except Japan, its total revenue remaining stable at ¥23.5 billion.
Because of development in Europe, where sales grew by over 15 percent to €59 million as a result of a very active Q2, when sales soared by 25 percent, the sports style range's revenue increased by 8.2 percent to ¥18.5 billion.
Asics's sales in the clothing and accessory categories climbed by 2.7 percent to ¥17.1 billion. However, they were down 1.9percent in local currency.
The Onitsuka Tiger brand, which is mostly sold in China and Japan, was the group's black sheep. In the first half of the year, its sales decreased by 6.5 percent (and by 14.5 percent in local currency) to ¥19.6 billion. The fact that sales increased by roughly 13 percent in the domestic market was the only thing going for Onitsuka Tiger.
Europe served as the group's primary market, earning sales worth ¥63 billion in H1, up 9 percent in yens, as a result of its impressive success in Q2, when sales increased by 20 percent.
