ASICS (7936) Q1 2026 earnings summary

Executive summary

• Net sales rose 29.7% year-over-year to ¥270.3 billion, with growth across all categories and regions, driven by strong demand and successful product launches.

• Operating profit increased 36.5% year-over-year to ¥60.8 billion, and profit attributable to owners of parent surged 47.2% to ¥46.6 billion, both reaching record highs.

• All product categories and regions posted sales and profit growth, with notable performance in SportStyle (+69.6% YoY), Onitsuka Tiger (+33.8% YoY), and strong momentum in Europe, Southeast and South Asia, and Japan.

• High-end Performance Running products and SportStyle lines saw significant demand, and Onitsuka Tiger continued robust expansion.

• Comprehensive income surged 174% year-over-year to ¥54.8 billion.

Financial highlights

• Gross margin declined by 1.2ppt to 54.6% due to US tariffs, but operating margin improved by 1.1ppt to 22.5%.

• SG&A expenses increased 20.8% YoY, but the SG&A to sales ratio improved by 2.3ppt to 32.1%.

• Extraordinary income of ¥3.1 billion was recorded.

• Inventory decreased by ¥8.1 billion from the previous fiscal year-end, reflecting efficient sell-through.

• Cash and cash equivalents at period end were ¥119.4 billion, up ¥7.1 billion from year-end 2025.

Outlook and guidance

• FY26 full-year forecast remains unchanged: net sales ¥950.0 billion (+17.2% YoY), operating profit ¥171.0 billion (+20.0% YoY), and profit attributable to owners of parent ¥110.0 billion (+11.4% YoY).

• Dividend forecast raised to ¥38.0 per share for FY26.

• Management remains cautious due to global uncertainties but does not expect significant impact from Middle East conditions.